Build to Rent
Build to Rent (BTR) refers to housing that is purposefully built for those who rent rather than for general sale. Build to Rent schemes are usually made up of longer tenancy agreements and are managed professionally by the operator or owner. Because there has been a sudden increase in rent and house prices within the UK, BTR schemes are attractive to a wide range of investors.
One of the most common questions asked at Chesworths is how Buy to Rent differs from Private Rented Sector (PRS). PRS refers to the classification of housing in the UK owned by a landlord and rented by a tenant. Any privately owned and leased property is considered private rental housing, and BTR sits within this classification.
The main difference is that BTR developments are typically owned by entire property companies and investors. Homes are professionally overseen during the tenancy and include higher rates of security and quality, making them attractive for those who want to continue to rent in the Horsham area.
What are the characteristics of Build to Rent homes?
Long-term viability
This refers to the customer service offered and the sense of community developed by investors. Long-term viability provides an increase in rental income and void periods.
Amenities
Many BTR schemes include additional benefits such as a concierge service. This helps tenants feel safer and provides extra security to the property.
Sense of place
Most BTR schemes want to attract a certain kind of tenant, for example, local working professionals. For a BTR property to be successful, investors or owners must understand the target demographic.
Community
Residents are far more likely to extend their tenancy if they feel part of a community. This will avoid any issues with rent payments or voidances.
Social events and lifestyle
Many BTR properties don’t just provide living spaces but a place to connect. Executing this well will help tenants feel safe and secure, and happy about their place of residency. Many BTR properties also include shared gyms and rooftop terraces for tenants to meet and socialise