Brendan Geraghty
CEO, Association for Rental Living
Build to rent has the potential to deliver high-quality rental homes as part of the Government’s 1.5 million new homes target.
Delivering quality rental living at scale
The Government’s target of delivering 1.5 million new homes is ambitious but achievable — with the help of the build to rent sector. Capable of delivering professionally managed homes at scale, the sector has the capacity to focus not just on the quantity of homes that the UK needs, but the quality of them.
Rental shortage and rising prices
The UK has a severe lack of good-quality rental homes. Today, there are 30% fewer homes available to rent compared to the 2018–19 average, according to Savills. This is driving up rental prices as demand outstrips supply, with quality considerations falling by the wayside.
The build to rent sector is challenging this. Homes are designed to delight renters through quality properties, outstanding on-site amenities and strong community connections. They are professionally managed, providing renters with a high-quality service, as well as a quality home.
Homes are designed to delight
renters through quality properties,
outstanding on-site amenities and
strong community connections.
Meeting the needs of many
As the Government focuses on the number of homes needed, a mixed tenure approach is crucial. The UK needs more homes full stop — both to buy and to rent, but meeting these needs requires investment. Savills reports that £300 billion is needed to provide an additional one million private rented sector homes by 2031.
The institutionally backed build to rent sector is ideally placed to step up. It has already provided £35 billion worth of investment, delivering 123,500 completed build to rent homes across the UK in the past decade. Plus, 159,000 more are in the planning and delivery pipeline (Savills).
Quality homes, customer focus
A customer-centric focus on quality is a core element of the Build to Rent sector’s success. Renters are seen as valued customers, underpinning high operational standards across the breadth of the rental experience.
The Build to Rent Code of Practice, an Association for Rental Living-led initiative, highlights this. It establishes a social contract with consumers and defines new benchmarks for service, quality, sustainability, security and good governance. It supports the creation of rental homes and communities that enrich lives, benefit society, alleviate the housing crisis and reduce environmental impact — all at a scale that could make the Government’s housing target achievable with the right support in place.
