Research from build to rent specialists, Ascend Properties, has revealed which lifestyle features the build to rent market is currently catering for most to appeal to the modern day resident, based on an analysis of current stock available on the market.
Pet rentals have been a hot topic in recent times and despite the government’s changes to the model tenancy agreement preventing a blanket ban, landlords are still able to decline an application with good reason.
However, the build to rent sector is leading the change in this respect, with 49% of all developments listed as pet friendly, the most prominent lifestyle feature of all those analysed.
The more traditional requirement of parking was the next most prominent feature with 41% of developments offering additional space for a car, with a concierge also ranking high (34%).
With much of the modern world focussed around online connectivity, and lockdown restrictions increasing this importance in recent times, free Wi-Fi was also a prominent offering across current build to rent developments (28%).
However, technology is no substitute for real-life interaction and with the build to rent focus also centred around creating a community, a residents lounge (25%), on-site gym (23%) and communal gardens (13%) also ranked fairly high.
The least widely available build to rent features currently include the ability to rent without a deposit (11%) and a roof terrace (7%).
Managing Director of Ascend Properties, Ged McPartlin, commented:
“The whole focus of the build to rent sector is centred around creating a long-term rental option that provides the same benefits as homeownership and more. The decision to bring a pet into your home is often a long-term commitment and so it’s great to see the sector is offering an abundance of homes that allow residents to own a pet. This further highlights the long-term, lifestyle focussed offering the sector can provide.
That’s not to say that some of the more traditional features aren’t also an integral part of our daily lives and by providing the old and the new with features such as parking, free Wi-Fi and more, the build to rent sector really does offer an option that addresses every need of the modern-day resident.”
|Most common BTR development features|