London remains the dominant force in the build-to-rent market as pandemic drives demand for higher quality living
Market analysis by property maintenance solution provider, Help me Fix, has revealed that build-to-rent completions have increased by 19% since the start of the pandemic, as the events of the past two years strengthen resident appetites for better quality, well managed rental accommodation – particularly across the London market.
In the two years since the start of the pandemic (Q1 2020 – Q1 2022), the UK has seen 28,065 build-to-rent properties built. This is 19% more than the two years leading to the start of the pandemic when nationwide completions totalled 23,589.
London continues to lead this rental market revolution with a 35% increase in market stock since the start of 2020. Across the capital, over 13,000 build-to-rent units have been completed over the last two years, versus just 9,716 in the same period prior to the outbreak of Covid-19.
Meanwhile, the rest of the UK has seen numbers rise from 13,873 to 14,942, an increase of 8%.
London’s build-to-rent market dominance means that the capital now accounts for 48% of all post-pandemic completions, with the rest of the UK accounting for 52%.
While London has long taken the lion’s share of build-to-rent market activity, this current proportion of the market has grown quite considerably, with London accounting for just 43% of all build-to-rent market activity in the two years prior to the start of the pandemic.
Founder of Help me Fix, Ettan Bazil, commented: “Although momentum has continued to grow across the build-to-rent sector since the start of the pandemic, this is a trend that has been materialising for some years now.
But while the nation’s rental market residents have long recognised the benefits of this tailored offering, it’s fair to say that the events of the past two years have certainly increased appetites for higher quality, well managed rental accommodation, providing the additional benefit of longer term certainty and security.
Not only does this longer term solution provide greater security, but this blend between rental market flexibility and the managed approach of the new-build sector are increasing the quality of living within the rental sector.
When you couple this with a focus on lifestyle, with build-to-rent developments providing greater levels of on-site amenities and green space areas, it’s easy to see why the pandemic has spurred an uplift in popularity.”