Build To Rent regarded as offering improved value to residents

Am umbrella platform supporting Build To Rent developers says a survey suggests BTR tenants regard the sector as offering good value for money. 

HomeViews, which undertakes an annual assessment of the niche sector, says good value has consistently received lower ratings than all other review criteria from BTR residents - until now. 

Its annual report, which now covers 64 per cent of completed BTR developments, suggests that the sector’s value proposition has strengthened during Covid.

Value ratings for BTR developments saw the most significant increase of all HomeViews review criteria in 2021. Reviews suggested that tenants saw value in facilities, additional services and having amenities such as Wi-Fi included in the bills, as well as a sense that their experience surpassed their expectations.

This latter issue proved to be key for less content residents. Many of those who rated Value poorly – at 1 or 2 out of 5 – spoke of a disconnect between what they had been sold and the reality of life in their BTR home.

The improvement in average Value rating in the UK was seen to be driven by better ratings for developments outside of London. This was also reflected in the wider data, with residents rating regional BTR developments higher than London schemes across every review category.

Greater Manchester was revealed to be a particular hotspot for highly-rated BTR schemes. Developments in this region consistently outperformed developments in the rest of the UK across every review category.

The Build to Rent Report also looked at the impact of successive lockdowns on BTR ratings. The second and third lockdowns were found to have causes more significant dips in BTR ratings, due to ongoing frustrations over closed facilities.

However, feeling “safe” and “cared for” were consistent themes in the many positive reviews over the past two years. 

Overall, HomeViews’ ratings paint a positive picture of tenants’ experiences living in new build developments during the pandemic.

Hannah Marsh, co-founder and chief partnerships officer of HomeViews, says: “The industry often asks itself whether residents understand the value proposition of BTR. 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. This suggests that there has never been a better time for BTR to make residents its biggest advocates.”