L&G lays into agents as its first build-to-rent development opens

Legal and General (L&G) has opened its first build-to-rent (BTR) scheme in the UK at a site overlooking the River Irwell in Salford, Manchester (pictured, right) where tenants will pay no moving in fees and a significantly-reduced deposit compared to traditional lets. The insurer, which is one of the UK’s best-known financial firms, set itself directly in competition with traditional letting agents and property managers at the launch. “For too long renters have found themselves at the mercy of expensive moving fees, unresponsive managers, and private landlords who often want to minimise upkeep costs and maximise rents,” says Dan Batterton, BTR Fund Manager at LGIM Real Assets (pictured, left). The Salford BTR development, called the Slate Yard, officially opened today and the first tenants are due to move in later this week, where L&G claims they will enjoy a lifestyle that many home owners would struggle to achieve. Build-to-rent As well as a fee-free move into the property and a low deposit, the building is served by a 24-7 on-site maintenance and management team, has free WIFI and free membership of a car club. L&G says these benefits will save tenants approximately £150 a month. Electricity and heating for the building…