Advice guide centre
Build to rent
Though Build to Rent (BTR) has been around in the UK since 2012 – and continues to grow in popularity – the term is still relatively unknown so don’t worry if you’ve never heard it before.
Here’s what you need to know about this fast-growing sector.
What is Build to Rent?
‘Build to Rent’ is an industry term used to describe properties, usually apartments, that have been built to provide private rental accommodation to tenants.
Unlike regular properties you might rent, these properties are not allowed to be sold on and instead remain in the ownership of one landlord, or management company.
Due to the relatively new concept of Build to Rent, and its growing popularity, it’s common for these properties to be newly built, much like a new build property you may choose to buy, which is why they are largely referred to as ‘build to rent’ (or ‘BTR’) properties.
Because of this, Build to Rent developments can offer added security and stability for those looking for longer-term tenancies, or for those who simply wish to put some more permanents roots down.
It is also not uncommon for three-year tenancies to be agreed, making them the perfect choice for those wishing to stay in one place for a few years, or even families needing to stay local to a school.
What makes Build to Rent different?
Aside from the ability to secure long leases from the off-set, the key difference with Build to Rent properties is often the facilities they offer and the standard to which they have been built; a benefit of building brand new apartment blocks is that they are by nature modern, energy-efficient and using the latest technology and finished to a high standard. It’s no wonder renters that live in Build to Rent properties often liken it to living in a hotel!
You’ll also often find that the services within a Build to Rent development go beyond simply renting a property, with many offering additional, optional services, should your budget allow, to really supercharge your rental experience.
Extras and amenities will vary by development, but often things such as cleaning and laundry services, concierge, on-site gyms, communal workspaces, event spaces and cinema rooms will be available on-site. Many developments also proactively encourage their tenants to get to know one another to create a real sense of community, so they can be a great option if you’re new to a city or looking to make new friends.
TIP: If you’re considering a Build to Rent development, be sure to check out what else is on offer if you were to move in.
What are the benefits of Build to Rent?
Build to Rent developments and apartments have been designed with renters in mind from the ground up, making them a great alternative if you’re after something a little different, or a more managed service.
Here are some of the perks that come with Build to Rent properties:
- on-site facilities such as gyms, spas and social spaces
- social events and groups for residents to create a community
- on-site support and maintenance teams, so no need to take time off for repairs
- 24-hour concierge; never miss a delivery again
- bills included in your one monthly cost
- longer tenancy options of over three years
- transparency with pricing; no surprise increases
It’s also worth mentioning that just like more traditional rental properties, Build to Rent landlords must be a member of a recognised ombudsman scheme and have a proper complaints procedure in place.
This means that, if anything was to go wrong with the property or you had an issue you needed help with, you know there is a fixed procedure in place and that you’ll be protected and looked after.
Start your search for a rental property here.