Much of the economy has been blown off course, though some sturdier sectors are proving far more resilient to the unprecedented turbulence wrought by Covid-19 than others.
Now increasingly considered a safe haven for investors, the build-to-rent (BTR) sector’s capacity to cater for a new generation of renters is second to none. Renters today, particularly those living in big cities like London, are turning to purpose-built rental housing in greater numbers, lured by high-quality amenities and perks that simply wouldn’t be possible in the traditional lettings market.
The sector is growing — and growing fast — and, according to the British Property Federation, the number of BTR homes under construction or planned across the UK last year jumped by 22 percent when compared to last 2019.
But a rapidly growing market brings with it rapidly growing competition, so operators must go further to distinguish themselves from the crowd. Fizzy Living, for example, has this month joined flatfair’s growing roster of BTR partners to offer renters at its Hayes scheme our No Deposit Solution.
Instead of paying an expensive upfront deposit which, on average, last year cost more than £1,500 for a one-bedroom flat in London, flatfair’s No Deposit Solution allows tenants at Fizzy’s Hayes development to secure their new home with a smaller, one-off check-in fee of one week’s rent plus VAT. At the end of the tenancy, any damages or outstanding bills are paid for directly by the tenant.
Both BTR operators, like Fizzy Living, and flatfair share a common goal – to make renting more streamlined, accessible and fairer for everyone. Operators need to think beyond the provision of plush co-working spaces, roof terraces and other trendy amenities if they are to enhance their appeal to an increasingly spoilt-for-choice market of renters.
Stripping back the initial and often off-putting up-front costs of traditional damage deposits while enhancing tenant protection are the logical starting points. Moreover, operators using flatfair benefit from our stringent tenant referencing checks, reduced void periods and up to 12 weeks of damage protection, compared to the maximum of five when relying on traditional damage deposits.
flatfair has already partnered with numerous players in BTR sector to offer these services and has saved thousands of renters across Britain more than £10 million in up-front costs in the process.
As BTR continues in its mission to deliver a better deal for ‘Generation Rent’, operators must also double down on the mantra that ‘convenience is king’. By delivering high-quality homes for an increasingly scrupulous market of renters while doing away with the costly, time consuming and outdated elements associated with renting, the BTR sector will stand firm throughout the Covid crisis and future challenges.
Find out more about flatfair at flatfair.co.uk/build-to-rent/ or contact us at 0207 078 7073.
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