The chief executive of a newly-formed organisation servicing the growing British Build to Rent sector has expressed his desire to attract tenants away from traditional buy-to-let properties.
Mr Michael Green, chief executive of the UK Apartment Association said that in time, he hopes the sector will pull renters away from, ‘tired and poorly maintained properties.’
Build to Rent boosts
The UK Apartment Association is a trade body focusing entirely on new institutionally-funded and managed purposely-built rental accommodation.
Knight Frank suggests that Build to Rent could provide 5% of the country’s privately rented residential buildings by 2020.
Writing in his blog, Mr Green said Build to Rent will give, ‘ a high quality product tailored to the needs of modern living for a market that is becoming increasingly discerning and will demand certain levels of service.’[1]
Build to Rent
USA trends
Mr Green notes that the USA, where Build to Rent is called ‘multi-family’ accommodation, has had a head start on Britain for the last 20 years, meaning its rental market is on a different level.
Green observes that, ‘over time as the multi-family offering in the UK develops, we hope that customers will choose to switch from tired and poorly maintained properties run by small scale landlords to new, professionally operated communities that offer resident services and amenities as standard.’[1]
‘This is when renting really becomes a tenure of choice that benefits both residents and the wider economy,’ Mr Green concluded.[1]
[1] https://www.lettingagenttoday.co.uk/breaking-news/2016/6/build-to-rent-chief-bids-to-lure-tenants-from-poorly-maintained-buy-to-lets