Contemporary design needs to attract loyal tenants
Renters are increasingly looking for wide-ranging services and amenities
Pet-friendly homes with no fees, long-term tenancies and on-site concierge services are shaping the future of the rental sector in London
Competition is fierce from landlords looking to attract loyal tenants, with private renters now outnumbering homeowners in London.
According to Halifax, the average age of a first-time buyer is 30 years old. With property prices in the capital being higher than across the rest of the UK, this means that the average age for buying a house could be much higher. Given this difficulty for younger people to get onto the first rung of the property ladder, there is an unprecedented opportunity for rental developments to shape their services and attract the wealth of trustworthy tenants out there that are seeking reliable, good quality homes.
One case study of a build to rent provider is a London firm, be:here Hayes, which has built its development with this target market in mind.
Hayley Wills, Area Manager of be:here Hayes, comments: “As the number of renters continues to increase, landlords must evolve their offering if they are to provide developments that are viable over the longer term. Modern tenants expect far more than those of years gone by – they want superb homes with good services and additional amenities that enable them to live a modern, urban lifestyle.
“The face of rental accommodation is changing. Old-fashioned landlord practices and attitudes have no place in the modern marketplace. Landlords that don’t appreciate that fact will soon find themselves left behind.”
With many developers now adjusting their plans to suit the changing demographic of the renting industry, certain features (which previously have been seen in developments across the USA) which aim to provide a better quality of life for those in rented accommodation, seem to be.
A recent release regarding a new be:here Hayes development has seen that the company initially appeals to renters by requiring no agency, admin or referencing fees as well as a lower deposit – just one month’s advance rent. There is also an on-site concierge and management team who are on hand to assist residents with a range of matters, such as shopping deliveries, parcels, booking taxis and organising repairs and maintenance.
Companies that are targeting the UK’s increasingly competitive rental market seem to also be upping their game to attract long term tenants in more ways than the property alone. Tenants could be able to organise having their dry cleaning taken care of without even having to be in and expect modern fixtures and furnishings. Tenants could also be able to have their pets in their accommodation with no hassle, as well as many build to rent developments looking to offer gardens, balconies and even dog parks – areas where you can let the pet run freely.
Read more on whether build to rent schemes are the answer for older tenants, or related stories such as pets becoming more accepted in rented accommodation.