What is the concept of build to rent and its benefits for renters?
Build-to rent is a term used frequently nowadays and evidently you may have guessed that it is something related to the real estate industry. But what is Build-to-Rent also referred to as B2R, and how does it work? It is a concept of homes particularly constructed to rent rather than to sell. It is quickly becoming a popular sector in UK housing to meet the demand for rental properties, and it has the backing of the Government. Plus, the build-to-rent concept is considered to be an innovative, flexible approach which is attracting people who wish to rent rather than buy a home. These are the many factors that are making build-to-rent a functional and convenient concept, and now many are ready to build homes for the specific purpose to rent that suits the needs of the major number of renters.
If you want to know more about advice on renting a property and also about build-to-rent the model, you can talk with the reputed estate agents who are ready to explain to you everything about it. There are lots of benefits you can derive from the build-to-rent properties if you choose to rent them. One such benefit is that you will be able to experience the assistance of a staff on site which will provide security and support 24/7. Similarly, there are many benefits as well. You can also consider renting a home on the build-to-rent properties and if you need help to come to a decision have a look at some of the benefits.
Benefits of build-to-rent properties
- Longer tenancy options for renters
The build-to-rent projects can be expensive but the renters get the option of longer tenancy agreements that provide security to the rental investments of landlords. It is suitable for tenants who can commit to a tenancy for three years. For instance, longer tenancies are highly convenient for young students and workers who are willing to live in a rental property for several years before buying their home.
- Available at the best locations
Buying a property in the major cities can be challenging, but finding build-to-rent properties is becoming easy. Many BTR projects are made available at prime locations which are near tube stations, grocery stores, large companies and institutions and more. Further, the homes have a clear view of the city, are located in the best part and also the properties are first-rate. The renters can enjoy the dazzling nightlife of the city along with its excellent restaurants, pubs, parks and more. So this is a convenient situation for working individuals who can lead a comfortable life with everything they need nearby.
- Comfort of amazing amenities
The build-to-rent properties are constructed with every great amenity in mind so it is top-notch in all aspects to satisfy the needs of the population yearning for modern apartments that exceed their expectations. This sector heavily relies on the incentive to create top-quality homes for their renters, so the houses are impressive and comfortable to live in. Also, they can choose between furnished and unfurnished houses, and if they need any customisation, they can get it done with the help of the build-to-rent management. For instance, a renter can change the look of a bedroom to serve as their office space.
Most importantly, the renters can enjoy communal facilities like resident lounges, roof terraces, gyms, guest rooms, party rooms, and much more. Some additional services offered are fast broadband services, storage lockers, parking facilities, childcare and more.
- Rental properties at various rates
Mostly, the build-to-rent properties may be suitable for high-earning individuals. Still, many properties cater to the needs of students and employees at the starting point of their careers. It is also a requirement that 20% of the new BTR projects must be suitable for the people paying social rent, so discounted rental rates are offered for the tenants. Plus, this arrangement satisfies the housing demands of those who are not ready to become homeowners.
- Predictable rent rates
The rent rate is clearly laid out for the tenants at the beginning to ensure that there are no disputes. Also, if there is a basis for any price increase in the future, it is revealed, and many efforts are taken to ensure that price increases are kept to a minimum. The up-front fees are not charged other than the rents in advance and the deposits. So this arrangement is surely a great thing for the renters who prefer to have stability in their rents.
- Wonderful communities
Build-to-rent is not only creating excellent properties for renters but also building a wonderful community for a diverse range of people to live happily. The concept ensures an unparalleled tenancy experience by offering homes that have the advantages of a hotel. For instance, the residents will be able to book a room to enjoy a party with friends and families with children can enjoy their leisure hours in the game rooms. Or tenants can also hit the gym inside the premises, and if they want to have a pet, the properties are pet-friendly too. So build-to-rent properties are suitable for the needs of individual tenants so they can live comfortably.
- Staff support
If a tenant needs repair work on the boiler or a tap, quick services are offered because there is an on-site caretaker available to take care of the needs at any time. Also, a concierge is always present to offer their services, and they are part of the build-to-rent management team. The tenants can easily avail themselves of dry cleaning services or book a room through an app. This will make the day-to-day organisations better for the busy tenants to save their precious time.
- Having great potential in future
The build-to-rent model is expected to grow significantly in the coming years as the demand for rental properties is seeing a rise. Now more and more young adults are searching for homes for rent, so investors investing in build-to-rent properties can get higher yields. The scope of profiting from the build-to-rent homes is large indeed.
Choose a build-to-rent property as your next home.
The build-to-rent properties are quickly becoming the popular choice of renters who wish to live in homes with modern amenities in an ideal location. You can speak with the property professionals to know more about the scope of renting a build-to-rent home. You can largely benefit from this innovative housing model.