The number of UK residents privately renting has doubled over the last ten years, with 20% of households now living in private rented accommodation. In 2017 alone, the build-to-rent market attracted a massive £2.4bn in investments and is forecast to grow by a further 180% over the next six years.
So, what is the build-to-rent sector, and how can you get into this rapidly increasing area of the lettings industry? Read on to find out more…
What is Build to Rent?
Comprising of purpose-built blocks of rental homes, build-to-rent properties (or the private rental sector, as it is otherwise known) are let out and managed long term by a single company rather than being sold to individual landlords. The properties are designed and built specifically for renting, the primary motivation to keep the buildings fully occupied with happy tenants, with longer tenancies of sometimes up to three years. The sector is all about investing in quality, as both landlords and tenants seek security of tenure.
Aimed primarily at young professionals, build-to-rent blocks often offer amenities which reflect their lifestyles. Features such as concierge, communal gardens, gyms and work areas create a real community spirit to those who live there, as well as meeting the demands of today’s young renters. Tenants tend to receive more streamlined and high-quality management, resulting in the sector building a reputation which supersedes that of private landlords.
Why should you work in the build-to-rent/ private rental sector?
Already prevalent in London and the South East, build-to-rent is rapidly spreading wherever there is a strong demand for renting, making it an exciting and dynamic field to enter into. Being backed by the government as a way of providing new, high-quality rented housing, it’s undoubtedly an attractive field of the lettings industry, rich in opportunity. The British Property Federation estimates that as many as 70,000 build-to-rent units are either built, under construction or in planning in the UK, and after many years of development, the market is in a phase of innovation.
What can you do in the build to rent/private rental sector?
From property management and marketing, to accounting and maintenance, there are so many career options if you’re interested in working in the build-to-rent/ private rental sector. Here are just a few of the options available:
- Leasing Consultant/Executive/Associate
- Leasing Manager
- Property Manager
What skills do you need?
A sector driven by high standards with exceptional customer service at its core, people skills are an absolute necessity if you’re interested in working in the build to rent/ private rental sector. Although jobs available in the sector are diverse, many roles require a high level of enthusiasm, good attention to detail, and the ability to work to a high standard at all times with a strong work ethic.
If you’re interested in a career in the build-to-rent/ private rental sector, take a look at our current vacancies, or read about the many other career options that are available in the lettings industry.