Demand in the private rental sector has increased. According to the Office of National Statistics, over the past ten years, there has been an increase in the number of households renting privately – from 13% to 20%.
The younger generation face difficulties obtaining a mortgage and saving for a deposit has been an increasing challenge. This has led to an era of generation rent, who now expect higher standards from their rental property and landlord.
This has led to an increased demand for Build to Rent (BTR) homes. And over the past five years, CBRE have tracked over £10bn of investment in the BTR market, a sector that continues to grow.
Liverpool has been identified as a hotspot for private rented homes over the next ten years. The research comes from global property consultants CBRE, who reveal there could be an additional 50,000 private rented homes in Liverpool over the next 10 years – a demand driven by generation rent.
“What is clear from our results is that there is a good geographical spread of potential future multifamily hotspots. We also identified cities with large student populations.
“People may decide to live in these cities after completing their studies, perhaps working in the growing tech and creative sectors, and will need a home to rent. The report identifies Liverpool as having robust employment and economic growth forecasts.”Scott Cabot, Associate Director, research at CBRE
Liverpool’s boom is seen on the waterfront, where two BTR schemes are nearing completion.
Developed and managed by Moda Living and funded by Apache Capital Partners, the £82m, 34 stories Lexington skyscraper will provide 304 BTR homes set on the iconic waterfront.
Amenities include a resident’s gym, lounge, cinema, garden and roof top terrace. The Lexington is among restaurants, cafés, bars, retail spaces and leisure facilities, building a community and lifestyle expected by BTR residents.
Named after the year the Princes Dock opened, Plaza 1821 will provide 105 one and two-bedroom BTR apartments overlooking the waterfront. The £21m scheme is being built by Peel Land and Property for Redwing Living, a Liverpool based property company which is a subsidiary of the Regenda Group.
Plaza 1821 – a thriving city that meets maritime heritage – has dedicated amenity spaces and several other features for residents, and is surrounded by restaurants, bars and cafés, shops and leisure facilities.
Image credit: Peel Land and Property