Build to rent
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Build to rent is a term for purpose built, institutionally owned and professionally managed residential property that is let on the open market rather than sold.{{Cite web|url=https://www.trowers.com/insights/2023/november/what-is-build-to-rent-and-how-does-it-work|title=What is build to rent and how does it work?|website=Trowers & Hamlins|language=en-GB|access-date=2024-11-08|first=Andy |last=Barnard |date=2023-11-28}}{{cite web |title=An Overview: What is Build to Rent? |url=https://propicloud.com/what-is-build-to-rent |website=propicloud.com}}
Growth in the UK market
In October 2016, it was estimated that only some 8,000 units had been built with a further 15,000 units under construction. To date, the majority of completed projects have come forward in London and the major provincial cities such as Manchester, Liverpool and Sheffield. Construction is now underway in Birmingham and Leeds. The UK Government is reportedly encouraging the sector's growth.{{Citation|last=McIntosh|first=Angus P. J.|title=Leasehold Investments and Other Rent Sharing Arrangements|date=1985|work=A Guide to Institutional Property Investment|pages=91–108|publisher=Palgrave Macmillan UK|isbn=9781349071562|last2=Sykes|first2=Stephen G.|doi=10.1007/978-1-349-07154-8_5}}
By September 2019 the number of units either built or in construction was reported to have increased to 35,000{{Cite web|url=https://www.realyse.com/realyse-announces-uk-wide-btr-market-intelligence-partnership-with-liv-consult/|title=REalyse Announces UK-Wide BTR Market Intelligence Partnership with LIV Consult
|website=Realyse|language=en-GB|access-date=2021-01-26}} following large developments by a number of firms report in the media.{{Cite web|url=https://www.propertyweek.com/news/first-wave-of-angel-gardens-apartments-fully-let-weeks-before-scheduled/5104185.article|title=First wave of Angel Gardens apartments fully-let weeks before scheduled|website=Property Week|last=Shone|first=Emma|language=en-GB|access-date=2019-09-10|date=2019-09-05}}{{Cite web|url=https://www.propertyinvestortoday.co.uk/breaking-news/2019/9/towering-achievement--manchester-btr-building-50-let-in-three-months|title=Towering achievement - Manchester BTR building 50% let in three months|last=Shilling|first=Conor|language=en-GB|website=Property Investor Today|date=2019-09-06|access-date=2019-09-10}}
Build-to-rent is the most contemporary development in the private rented sector (PRS) and offers housing across the full spectrum of privately rented accommodation in terms of scale and service offering, often with affordable housing being integrated through discounted market rental homes.
= Criticism =
Tenants in BTR properties typically pay an 11% premium over other properties in similar locations, according to one study.{{Cite web|url=https://www.ft.com/content/e46f3638-768a-3c95-b6cc-af692383a01a|title=Build-to-rent boom in the UK is costly for generation rent|website=Financial Times|language=en-GB|access-date=2019-07-19|url-access=subscription |first=Pauline |last=Skypala |date=May 27, 2019 |quote=Tenants in a BTR development will typically pay an 11 per cent rental premium, according to analysis by JLL, a property consultancy.}}
Innovation
Build-to-rent developments are incorporating modern technologies and sustainable practices, such as energy-efficient systems and water conservation. One such example includes the integration of Tesla electric vehicles in some projects, like those by PropiCloud, which represent an innovative approach to enhancing urban living sustainably.{{Cite web|url=https://evsandbeyond.co.nz/tesla-evs-integrated-in-propiclouds-build-to-rent-projects/|title=Tesla EVs Integrated in PropiCloud's Build-to-Rent Projects|access-date=2024-06-19}}
See also
References
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