Despite concerns regarding their financial feasibility, both large as well as small-scale build to rent developments continue to rise in popularity and attract the attention of investors and developers. This comes with a number of good reasons of course, and listed below are just a few benefits that set the scheme apart from other alternatives.
- A viable solution to housing shortage problems
While many aspire to become homeowners, the fact of the matter is that the housing crisis has made it impossible for many citizens to find a property, much less own one. As demand continues to outstrip supply, the cost of home ownership continues to rise exponentially. While build to rent developments are certainly not the only solution to the housing shortage problem, they do provide reasonably affordable and quality homes for those who currently lack the funds necessary to own a home.
- A perpetually increasing market
Over the past two decades, the number of renters has increased significantly, and renting has become the standard rather than an alternative. What used to be an effective scheme reserved for those who required a temporary place of residence such as students has now become mainstream amongst many not just because of affordability, but also the relative flexibility in the location of choice.
- A long-term investment
The reason as to why many excellent consultancy and building management services such as those provided by the likes of Native Property Management exist is because of the build to rent scheme’s longevity. Investors, as well as developers who are looking to maintain the overall capital value of the asset without increasing any operational costs, can do so by establishing a building which is not only physically durable but purposefully built. In this way, build to rent development projects will be more than just the price of their build costs but rather cost-effective and long-term investments that can stand the test of time.
- Additional amenities
Perhaps one of the reasons why build to rent developments have become so popular is because of their versatility in design, specifically the scheme’s ability to generate more income through the addition of various amenities that include but aren’t necessarily limited to laundry services, food and beverage establishments and gyms. It’s a way to entice more potential residents to join the fold, and negotiations can even be made with the business to make it much more cost-effective too.
With the number of advantages that build to rent development schemes yield, it’s no surprise as to why they’ve become popular not just with those looking for a place to call their own but investors and developers looking for a solid investment as well. With their affordability, flexibility and versatility in design, there’s a good chance that build to rent developments will become a permanent feature in the housing market landscape, and the mainstream choice in the future rather than a temporary alternative to more traditional home and property ownership.