Will three-year tenancies soon become standard?
Two large build-to-rent schemes with over 2,000 tenants between them now offer three-year tenancies, so will the rest of the market have to follow suit?
A second built-to-rent developer in London is now offering tenants three-year tenancies as standard, this time at a development in West London.
Be Living, which also trades as Be:here, is the build-to-rent arm of developer Wilmott Dixon and says a “new era is dawning for renters”.
The company also operates as a letting agent under its Be:here brand and advertises properties at its build-to-rent developments on Rightmove and Zoopla.
It also says that, following extensive consultation with tenants about how they wanted to live their lives and what they wanted, it decided to introduce the new, longer tenancies.
Three-year tenancies
A survey of its tenants also revealed that 80% said they wanted to stay at the development “for as long as possible”, while separate research by Knight Frank discovered that 68% of tenants in the UK expect to be renting in three years’ time and beyond.
The Gatefold development is in Hayes and includes 119 apartments within a former EMI Records vinyl records factory. As well as longer tenancies, some homes within the site are pet friendly and rent increases are fixed in line with inflation.
“While renting is a deliberate choice for a growing number of people because of the flexibility it offers, we also recognise that tenants want the security of knowing that they have a place to call home for the long term,” says Layla Kausar, Property Manager at be:here Hayes.
“We’re seeing residents moving into the community from all over London and beyond.
“Things will only get more exciting with the completion of the rest of The Old Vinyl Factory’s retail, employment and entertainment facilities and the launch of Crossrail in 2019.
“Crossrail in particular will make living in this part of west London a great option for people working in the City or Canary Wharf who want the amenities and services you get from a building specifically designed and managed with renters in mind, without the central London price tag.”
multi-family homes
Be:here also says the homes have been designed with sharers in mind – or multi-family homes as they are called in the US – while tenants also get free broadband, phone line and some calls and a concierge service for parcel deliveries.
But unlike some other built-to-rent developments launched recently that committed to zero fees, Be:here charges a £300 fee to reserve a property which is deducted from the first month’s rent, and a non-refundable £48 referencing fee.
As we reported in May Get Living London, which has a huge built-to-rent site within the Olympic park, said it would offer three-year tenancies and does not ask tenants for deposits or charge them any fees.
Rents at the Gatefold development start at £1,150pcm for one-beds and £1,415pcm for two-beds.
