The private rented sector (PRS) and build-to-rent sector (BTR) are rapidly growing areas of the property industry in the UK. This is within an industry that has been traditionally dominated by small-scale private landlords.
The build-to-rent market is aiming to differentiate itself from private landlords, who are more likely to be tarred with the image of poor-quality accommodation and bad service. The emergence of investor and developer led PRS schemes are looking to provide a quality product to meet rising tenant expectations.
They are looking to offer a life-style environment and targeting a specific group of tenants – 25-35 year olds – and tend to be suited to professionals, with excellent transport links usually provided. They add amenities such as concierge and life-style facilities, that include social spaces, work areas, communal gardens, gyms and many more.
They are trying to create a community spirit that tenants want to be a part of, as tenants who feel they are part of a community tend to stay longer. This in turn reduces the risk of rent voids.
It is a sector heavily driven by exceptional customer service skills – the tenant is your client!