Research from Manor Interiors, the expert in build-to-rent furnishing solutions, has revealed what the most common features are in UK build to rent developments as tenants increasingly move away from the traditional private rental sector.
Build to rent is fast becoming the de facto choice for young, professional renters who want the flexibility of renting combined with the freedom and added luxury normally associated with homeownership.
To gain further understanding of why tenants are increasingly drawn towards build to rent developments, Manor Interiors has analysed the most common features found in those developments currently being listed on the market.
The most common feature shared among build to rent developments currently advertising for tenants is something that the traditional private rental sector has consistently failed to offer on any grand scale – pet-friendly homes.
47% of the build to rent developments actively being listed state that they are pet friendly, a direct response to increasing frustration felt by tenants as private landlords continually fail to adapt to the UK’s increasing desire to live with furry friends.
After ‘pet friendly’, the second most common build to rent feature is car parking, a common feature shared by 40% of the developments currently being advertised.
33% of build to rent developments come with an on-site concierge, perhaps due to increasing demand from tenants wanting to ensure their online shopping can be safely and reliably received.
27% of developments offer free WiFi to all tenants, 26% offer a resident’s lounge or other shared communal socialising space, 20% offer an on-site gym, 12% offer some sort of communal garden space, 11% allow tenants to move in without requiring them to pay a deposit, and 7% offer a roof terrace.
CEO of Manor Interiors, Farhan Malik, commented:
“Build to rent is increasing in popularity so quickly because it offers a truly modern renting experience. After decades, if not centuries of an unchanged private rental industry, tenants are starting to kick back against the poor standards and inflexibility common among private landlords.
“It’s clear that the build to rent industry has listened to these renter frustrations and responded by ensuring that their developments cater to the evolving expectations and needs. We see this in the fact that nearly half of build to rent developments are pet friendly, an increasingly common renter demand that private landlords have long refused to engage with.”