Build-to-rent (BTR) is a rapidly growing, serious sector in the UK housing market, a distinct asset class in the PRS, as defined in the National Planning Policy Framework.
With BTR homes springing up in many cities, it’s an exciting development with marketing thrusts promoting brand-new-shiny-fully-equipped-furnished homes with concierge, cinemas, gyms, gardens, swimming pools…
It all sounds fabulous. If you are a typical millennial it must be exactly what you want. Yes? Or No?
A new survey by property consultancy Knight Knox, asked 2,000 renters about their priorities in rental accommodation. The majority desired access to a garden or balcony, with 46% seeking some outdoor space. On-site parking came in at second place with 41.5% saying parking was a priority. (Many BTR developments do not encourage vehicle owning, instead offering public transport connections, car sharing and/or bikes.)
The third most requested feature was a modern interior, 23% said this was important.
More luxurious amenities like an onsite gym were less of a priority for the tenants that took part, with only 4.15% of tenants saying that they would prefer a gym.
When asked which factors they would typically consider when looking for a property, 40.8% said affordability was the most important factor while 24.5% said that location was a priority.
Asked how long they were likely to stay in a rental property, the majority had no intentions of renting longterm, with 29.75% estimating they’d stay 19-36 months. 23.5% said five years or more.
Andy Phillips, Commercial Director at Knight Knox, pictured, said, “These results give us an excellent insight. It’s clear that tenants put a great emphasis on having the essentials like outdoor space and a good location, whereas features like a gym are regarded as more of a luxury than a necessity. These findings are definitely worth considering when looking at a buy to let investment.”