The second and third lockdowns caused the build-to-rent (BTR) sector to see dips in ratings as tenants grew frustrated about closed facilities, new research reveals.
HomeViews’ Build to Rent report – a survey of two-thirds of BTR developments in the UK – found that some residents viewed the facilities closed during lockdown as being included in the rent and when they were not available, felt a reduction in the rent should have been given.
And although these developments are increasing in popularity, not everyone would recommend their landlord to friends and family, with the lowest percentage score (89%) awarded by the 35-44 group.
One older resident complained: “Not a community for professionals as it was sold as. Students continue to move in and are the majority in this building.”
Strengthened
However, the sector’s value proposition has strengthened in the last year, according to the residential review platform’s findings, which reports that 85% of all reviewers gave their facilities a four or five out of five.
A concierge, communal indoor space, bike storage and gym were all deemed must-haves, while parcel rooms and delivery solutions were also a very popular service.
Tenants saw value in facilities, additional services and having amenities such as Wi-Fi included in the bills, while they also liked being able to use apps to quickly report issues online.
Residents rated regional BTR developments higher than London schemes across every review category, with Greater Manchester revealed to be a particular hotspot.
Hannah Marsh (pictured), HomeViews co-founder and chief partnerships officer, says: “While there might be more work to be done with prospective residents, those already living in BTR developments increasingly understand and value the experience being provided.
“In the past year, the value rating for BTR saw the most significant increase of any HomeViews category.”
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