Build-to-rent is really gaining momentum around the UK. The number of build-to-rent homes being built across the country has increased by nearly 40% in the last 12 months, according to new figures released in January. Last month, a new build-to-rent developer, Core Living, hit the market with a target of 2500 new homes across the north of England by 2020. In Manchester, the 35-storey Angel Gardens – one of the biggest schemes outside London – is nearing completion and north of the border, planning has just been granted for some of Scotland’s first purpose-built for rent homes on Clydeside.
Over the last few months, the government has put the rental sector firmly in the spotlight. Ministers are determined to drive up standards for tenants and improve affordability and security of tenure. Locally, councils are being called on to clamp down on rogue landlords. They have been allocated funding to encourage them to do this.
But according to one developer, PLATFORM_, there’s a quicker and cheaper way to do this. Give more support to the build–to-rent sector, he says. PLATFORM_ managing director Jean-Marc Vandevivare believes that another way of driving up standards – less costly for the taxpayer and less time-consuming for local authorities – is to back the growth of the build-to-rent sector. Rather than using public money, BTR developers are using institutional funding to build thousands of quality homes. In turn this could drive improvements for renters.
Large-scale developers need to attract renters into their block rather than the one next door. They have a vested interest in excellence. The quality of build-to-rent homes varies but most are professionally managed, offer a sense of community, and provide a growing range of amenities that cater to modern day working and lifestyle trends.
The success of build-to-rent to-date pays testament to this business model. As the January figures show, build-to-rent is set to take an increasing share of the UK rental market and at Ringley we are committed to being part of this via our new brand Life by Ringley. With mandatory qualifications on the cards for property managers and a tranche of regulation on its way, as a professional property agency we are delighted to be offering management services to this exciting sector as it develops and expands.