{"id":13207,"date":"2018-03-14T12:15:10","date_gmt":"2018-03-14T12:15:10","guid":{"rendered":"https:\/\/www.buyassociation.co.uk\/?p=13207"},"modified":"2018-03-14T12:15:10","modified_gmt":"2018-03-14T12:15:10","slug":"build-to-rent-new-way-rent-taking-over-market","status":"publish","type":"post","link":"https:\/\/www.buyassociationgroup.com\/en-us\/news\/build-to-rent-new-way-rent-taking-over-market\/","title":{"rendered":"There’s a new way to rent and it’s taking over the market"},"content":{"rendered":"

Traditionally, renting has been seen as a means to an end, a short-term option mainly for youngsters before they get onto the property ladder. But things have changed, and there’s a new tenant in town who is renting out of choice rather than necessity.<\/strong><\/p>\n

Around a third of people in England rent their homes at present, with the average age of first-time buyers<\/a> now hitting 33. While part of the reason for this is financial, with house prices rising faster than wages over recent years meaning that most millennials can’t afford to buy<\/a>, there is another side to it which is important to recognise – those who choose to be part of Generation Rent.<\/p>\n

This new trend has brought with it a huge influx of changes in the industry, from new technologies to shifting attitudes towards tenant types, as well as the rise of the build-to-rent<\/a> sector specifically catering to the needs of today’s renters.<\/p>\n

New technology<\/h4>\n

Smart buildings<\/a> are being constructed which are more energy-efficient than traditional homes, tracking resource and energy usage through high-tech monitoring systems. Atlas Residential, an operator of build-to-rent communities, has also introduced a new technology system that provides integrated portals, apps<\/a> and surveys to communicate with residents, as well as programs that simplify tenant background checks while allowing residents to build up their credit through renting<\/a>.<\/p>\n

A number of new websites have also begun to crop up that allow tenants and landlords to review each other<\/a> and their properties, increasing transparency in a similar style to TripAdvisor, and allowing tenants to make much more informed decisions about where they choose to live.<\/p>\n

More security<\/h4>\n

Another huge change in today’s rental market is the rise of three-year tenancies<\/a>, allowing renters to feel more at home and secure in their rental property. Theresa May in her housing speech promised “more homes for rent on family-friendly, three-year tenancies,”, and this not only adds to a tenants level of housing security, but also means renters can build up real communities by staying in a place for longer and putting down roots.<\/p>\n

The added benefit for the landlord is reducing void periods<\/a>, and eliminating the need to search for new tenants every six months.<\/p>\n

Altering stereotypes<\/h4>\n

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\nRenting is no longer the reserve of millennials waiting to buy a house, and this changing trend means that build-to-rent developments have had to adapt to cater for a whole new type of tenant. While young people still make up an important proportion of renters, families<\/a>, older people, and mature groups of friends have been added to the mix, along with their differing needs.<\/p>\n

Many developments are being created that include creches<\/a>, playgrounds and other childcare facilities, as well as gyms, concierge services, workspaces and shared gardens. These shared services also create a new sense of community among renters, enabling them to feel a sense of belonging they perhaps wouldn’t get with the rental properties of the past.<\/p>\n

Stephanie Smith of Atlas Residential commented: “2018’s build-to-rent trends mark a new era for the sector. With an increasingly diversified base<\/a> of customers at its heart, rental accommodation providers in the UK will flex and mould to better meet the needs of a shifting society.”<\/p>\n

She added: “This shift away from ‘what’s always been’ is going to pave the way for a different ethos for the rental sector<\/a> moving forward.”<\/p>\n","protected":false},"excerpt":{"rendered":"

Traditionally, renting has been seen as a means to an end, a short-term option mainly for youngsters before they get onto the property ladder. But things have changed, and there’s a new tenant in town who is renting out of choice rather than necessity. Around a third of people in England rent their homes at… Read more »<\/a><\/p>\n","protected":false},"author":1069,"featured_media":13269,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[2,4,6],"tags":[38,46,341],"class_list":["post-13207","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buy-to-let-landlords","category-investment","category-uk-housing-market","tag-build-to-rent","tag-generation-rent","tag-newsletter"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/posts\/13207","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/users\/1069"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/comments?post=13207"}],"version-history":[{"count":0,"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/posts\/13207\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/media\/13269"}],"wp:attachment":[{"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/media?parent=13207"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/categories?post=13207"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/tags?post=13207"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}