With a recent report from the Resolution Foundation claiming one in three millennials will never own their own home, the build to rent market is seeing a boom. In particular, modern buildings with an extensive range of products and services on offer are enticing young professionals to live in luxury.
With a new generation of renters accustomed to their living space adding value to their lives, broadband and utilities specialist, Glide looks at how accommodation providers can compete in the market, enhance modern living and use modern technology to support residents’ wellbeing.
Live like an Olympian
The Olympic legacy wasn’t just about inspiring people to play sport. It’s helped to transform part of London. The athletes’ village from 2012 has been converted into luxury rented accommodation in what’s now described as ‘London’s hippest postcode’. Almost 6,000 people call East London Village their home after developers renovated the once-dilapidated area into purpose-built accommodation complete with services to match. With an emphasis on wellbeing, the flats have been built with community in mind with regular activities taking place in communal areas. The village’s 23 shops, 67 acres of parkland, 35 km of paths, three play parks and outdoor gym are just seven minutes away from the capital’s hustle and bustle.
We can do most things through our phones these days so it’s not surprising that those managing these properties are enabling their customers to manage their tenancies – and even their social lives – through innovative IT solutions. Many property managers are using apps and portals to collaborate with third-party providers, integrating services in their local neighbourhoods. As well as paying their rent, reporting a repair and managing their utilities, residents can also book cab rides, organise dinner reservations, sort a valet service, arrange their gym classes, track parcel deliveries and manage visitor arrangements.
The app can even be the key to your property. Space-saving build to rent developer Moda Living cut down on the amount of parking facilities attached to properties and launched an innovative partnership with Uber as they strive to build sustainable communities. Residents not taking up a parking option received up to £100 each month in credit to spend on Uber rides with the free space created around their pads as a result being transformed into other facilities such as gyms, cinemas and swimming pools.
Raise the family
In line with wanting to build a community rather than just a complex, developer Greystar is putting family life at the forefront of its latest development in London. Alongside its 1,400 rented homes, shops and office spaces are a new primary school, a nursery and even a health centre.
Providers also can’t forget about furry members of the family, with animal accommodation friendly a key draw for young families. Pet-friendly rental brand Fizzy not only allows furry friends in their homes, but actively welcomes them. Their designated ‘pet stations’ are equipped with everything you’ll need to make tails wag.
Superfast broadband as standard
Wi-Fi is no longer a luxury, it is a necessity that’s equal in importance to water, electricity, and other essential utilities, and they expect it to be available from the moment they move into a new building. Therefore, it’s a surprising fact that 83% of millennials had to wait longer than a week to be connected at their current property.
With millennials increasingly working from home and having lifestyles that rely on having superfast connectivity as standard, property developers would be wise to develop and invest in buildings and infrastructure that reflect the reality of today’s need for fast, reliable Wi-Fi and smart homes.
In a survey of 500 young professionals, 96% found going without the internet to be the most frustrating part of moving home, far exceeding the second place 84% who said moving their belongings. With the newest crop of ‘Build-to-Rent’ properties coming to market, top-tier Wi-Fi needs to come as standard from day one, reflecting the developers’ awareness of the needs of their renters.