The latest survey of tenants in the UK revealed that Build to Rent is providing a higher rated tenant experience over Build to Sell, according to the British Property Federation (BPF).
HomeViews, the review site for residential developments, recently launched their 2020 National Build to Rent Report 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.
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 per cent offer rooftop gardens, 74 per cent are pet-friendly, over half offer a gym, 60 per cent 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.
Across all the BTR resident reviews, 12per cent referred to the benefits of a community; 24 per cent of these reviews mentioned events as the main reason, 22 per cent felt that their pets had made them socialise with neighbours, and 16 per cent 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 per cent of the completed BTR developments in the UK.
"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" said Ian Fletcher, Director of Policy at the BPF