Build to Rent is providing a higher rated tenant experience
HomeViews, the review site for residential developments, have launched their 2020 National Build to Rent Report. The report is based on the insights and ratings of over 5,000 tenants in the UK, of which 1,500 live within Build to Rent developments.
The report found that tenants rated the Build to Rent (BTR) experience higher than the Build to Sell (BTS) experience in every category.
HomeViews is the review site for residential developments that invites residents of new build developments to write a review of and rate their building. Both tenants and owners rate the Facilities, Design, Location, Value and Building Management, as well as write a review describing their experience and the location.
“Build to Rent is growing at a faster rate than many predicted and to date very little has been known about how these assets are performing. This lack of transparency has been cited as a hinderance to investors who are seeking to understand the market. This report gives us the first insights into what early residents are really thinking and feeling about this new residential offering”. Ian Fletcher, Director of Policy at the BPF
One of the most interesting chapters for those investing in new build developments is the analysis and feedback on Facilities. Of the BTR developments included in this report, 32% offer rooftop gardens, 74% are pet-friendly, over half offer a gym, 60% have communal spaces, and a few also offer a private swimming pool for tenants.
Most of the BTR developments offer either a 12- or 24-hour concierge, and a good concierge who engages residents to create a community and utilise the communal spaces is central to the experience of a new-build development.
“The presence of a concierge correlates to a +19.42% higher Building Management score on average in BTR developments. Tenants appreciate a team within the building that can ensure all the facilities on offer are managed and looked after and any issues are resolved with a personal service.” HomeViews Insights 2020 National Build to Rent Report
Another popular facility was a pet friendly development and communal pet friendly spaces. 74% of the 84 reviewed BTR developments advertise themselves as “pet-friendly”. All of the top-ten rated BTR developments for Facilities are pet friendly and had communal spaces where events were offered, compared to just three of the bottom ten. Across all the BTR resident reviews 12% referred to the benefits of a community. 24% of these reviews mentioned events as the main reason, 22% felt that their pets had made them socialise with neighbours, and 16% thought building management was key in fostering a community atmosphere.
The 2020 National Build to Rent Report analyses reviews from 538 developments of which 84 are BTR. These represent over 30% of the completed BTR developments in the UK. This 64 page report looks further into the data behind the headlines and explores and addresses some of the key themes and questions the industry are looking to answer.
The HomeViews Insights 2020 National Build to Rent Report is now available to order
