Build-to-Rent operators are rapidly changing the face of renting in the UK. New apartments, long leases and a wide range of amenities add up to a lifestyle that has strong appeal, particularly for young professionals. In the last year, there has been a surge in the number of completed rental homes in London and in key regional cities around the country. Outside the capital, Manchester, Birmingham Liverpool, Leeds, Glasgow and Sheffield are leading the way.
And according to recent figures from the British Property Federation (BPF) there are another 35,415 BTR homes are under construction and 75,475 in planning. That’s an increase of 15% over last year. So with all this brand new rental property coming on to the market, buy-to-let landlords will inevitably find themselves facing stiff competition for the best returns on their investment.
Of course, there is still plenty of demand for more traditional rental homes. But if you are a landlord with one or two properties in a town or city that is now well served by the rapidly expanding BTR sector, it is worth bearing in mind that tenants will increasingly be comparing your rental home with one in a shiny new BTR block.
So here are our tips for ensuring your property still has plenty of kerb appeal.
- Up your game: throw out that dated furniture and invest in high quality fixtures and fittings and fresh, modern décor.
- Market your property effectively: take good quality photographs while the property is empty and ready to rent. That way it will be shown to its best advantage.
- Use a professional letting agent to help you find the right tenant for your rental home.
- Consider offering tenants longer rental agreements. Three-year terms are now commonplace in the BTR sector.
- Finally, download our PlanetRent app to ensure you give your tenants a professional rental journey from start to finish and to ensure you are compliant with all the latest regulations.
Sam Hay, MD of our Manchester-based lettings business Life By Ringley, has plenty of experience in the buy-to-let and build-to-rent markets. She has more advice and tips to share with landlords and you can find her on Landlords TV on YouTube.