Low entry costs and flexible lifestyles bring renters into BTR
Build to Rent continues to dominate the rental property market in our region. Last week, the Northwest Insider event looked at issues around housing supply and demand. Life by Ringley MD Sam Hay was there, so for those of you who are interested, here are a few of the key takeaways.
When it comes to rental values, build to rent property continues to command a premium. Pounds per square foot does not come into BTR,
Low entry costs on BTR flats are making things much easier for renters. Increasingly, people want a transient way of life and easy entry and exit and they are likely to try different buildings before they settle longer term. Lifestyle choices are changing fast and renting is no longer frowned upon. Renters react positively to being viewed as customers, not tenants; maintenance issues are dealt with fast, and
According to Tim Heatley from Capital and Centric, one downside of the BTR explosion and the high demand for one-bedroom homes is that Manchester city centre is not ready for families. Chris Shaw from Urban Splash agrees. He thinks offers in our town centres need to change, and there should also be schemes in rural areas, maybe with new ways to sell being considered, such as pre-approved mortgages where you turn up and pick your home. At the moment it is easiest to develop BTR schemes in city
Lambert Smith Hampton told the Northwest Insider audience that 54% of all housing investment in the North East is now for ‘alternative’ homes, such as BTR and student accommodation. The success of the latter in Manchester and other university towns has provided a model for new developments in the region. Diversification and a huge undersupply of