Build to Rent living is designed to make life easier and better for residents. So, they must have the amenities that residents want – great living experiences, modern solutions, tech and hassle-free renting.
Residents have different lifestyle needs and this changes during life stages. They want to live in a safe place, with good neighbours. They want a great service and excellent property management – instead of the poor service some renters face with private buy to let landlords.
So, which amenities do residents want?
Age and income are the top two factors to where and how residents choose to live:
By age group
A survey by Prsim shows renters will pay extra for amenities – but only the ones they want. Their choices also depend on their age. The world of networking and socialising is the under 25’s lifestyle. They want to know where the party’s at.
Social living, health and wellbeing matters to them and they love to get out and meet people. They want an on-site gym, roof terrace, communal areas, outdoor spaces and social events. Let’s not forget the bar, the on-site shop or café, a laundry service and fully furnished property. They want convenience.
Flexible, professional renters between 25-40 love wellbeing and exercise. They want an on-site gym, fitness classes, leisure activities and a car parking space. They like the co-living experience that Build to Rent living provides, so they welcome communal social activities such as movie and quiz nights.
And free time is precious for families in their 40’s. They give the green light to outdoor spaces, playgrounds and childcare clubs. It’s all about family and they need to feel welcomed into the community.
Income influences which amenities are important to renters. Research by Savills showed three income groups – low income up to £40k, mid income between £40k-£80k and high income over £80k.
Mid- to high-income renters will pay more for an onsite gym and swimming pool, 24-hour concierge service, hotel-style lobby, 24-hour security and Wi-Fi. They also want the convenience of being able to hire a cleaner and furniture.
More renters on mid incomes want the garden areas maintained – 18% compared to 11% on lower and 10% on higher incomes. And a cinema, games room and resident’s lounge are here to stay. 3% of higher income renters want a business centre, and 23% of renters on lower incomes want good Wi-Fi.
Who wants what amenities – by personality?
A survey by Knight Frank shows some surprising results. Extroverts and introverts want the same amenities. In top place was an en-suite bathroom, weekly cleaning and car parking. Some introverted renters thought a gym and communal roof garden were top amenities – introverts also like social places.
So, which amenities matter most?
There’s no ‘one size fits all’ option. Lifestyles, life stages and income play their part, as does the location and the local community. Build to Rent schemes must have a renter-focused approach to provide the tailored living experience renters seek.