Following an analysis of the features available within Build to Rent listings on the UK’s biggest property website – Rightmove, the company reveals the changing behaviours of tenants against the backdrop of record rents and increasing household bills. Insights shows that Build to Rent properties that offer all bills included have seen the highest growth in tenant enquiries compared with any other feature versus 2021. Enquiries increased by 36% – and represent the biggest increase of all available Build to Rent features. Build to Rent schemes which are pet-friendly, allow zero deposits, include balconies and communal gardens all came equal second, with enquiries rising by 22%.
“Against a backdrop of the increased cost of living, a number of tenants want more certainty over their outgoings, which has led to all bills included becoming increasingly sought after. For Build to Rent providers looking at which features to include in new developments, it’s clear that the desire for more outdoor space following the various lockdowns is here to stay, with a jump in demand for homes with balconies and communal gardens.”Tim Bannister, Director of Property Data, Rightmove
The analysis also highlighted a shift in the distribution of total rental demand across studio, one, two and three bedroom Build to Rent properties. More prospective tenants now prefer a one bedroom property over a studio – which could be linked to more people working from home and requiring more space.
“The one bedroom Build to Rent property receives the most interest of all property types, and although this was also the case back in 2019, we’ve now seen a shift in demand from studio flats to one bedroom properties, perhaps so people have more space to work from home.”Tim Bannister, Director of Property Data, Rightmove
Throughout the pandemic, Rightmove saw an increase in demand for people looking to move to the countryside and to areas further out from cities – as cities temporarily fell out of favour during the lockdown restrictions. Rents in urban areas suffered as a result, but have slowly been recovering, and are now growing at a faster rate than both rural and suburban rents – up by 14% year-on-year.