With BTR already showing strong signs of recovery in the rental sector, could a change in lifestyles caused by Covid-19 lockdown create a further spike in demand? People will still need to rent. However, consumer behaviour has drastically changed and the shift in priorities is likely to change residents’ requirements and mindset when searching for a place to call home.
As businesses up and down the country adopt new ways of working, people across the UK are spending significantly more time at home, and our mission is more important now than ever. The opportunity to enhance the value perception of BTR has never been higher. Our aim to revolutionise the private rental sector by challenging existing standards, creating and nurturing communities, and driving better living standards for tenants demonstrates just that.
Residents will be looking at BTR homes as a place to live, not just a place to rent. Research has found working from home can boost productivity, improve work/life balance, and foster better mental health. As the lockdown eases, there may be a cultural shift towards working from home as the norm, putting greater importance on PRS homes to be more than just a roof over tenants’ heads. Greenspace, great local amenities, and a greater sense of community during a time that sometimes feels increasingly individualistic will be key for residents.
As the SDL Group’s build to rent platform, our team is uniquely placed to provide all services seamlessly from under one roof, an approach which has been beneficial during the lockdown. Our centralised tenant and asset management teams have allowed for easier repairs, site management, and communication – meaning all our tenants have been kept up to date and remained connected with our team and the wider Wise Living community.
Not only have our team of experts continued to help provide the number of homes needed, but they’ve also relied on their years of experience to help offer advice and knowledge to residents looking for assistance during these difficult times. This approach has enabled us to maintain our pre-lockdown rate of rent collection across our portfolio since lockdown began back in March.
BTR already has the facilities in place to provide modern, comfortable homes that ticks all the boxes for the new way of working and living we’ve had sprung upon us. The ability to continue developing the design, layout, and amenities that come with a Wise Living home will make these developments an extremely attractive proposition – providing high quality, professionally managed homes with flexible tenancies for residents to work, live, and play in.
As the BTR sector continues to go from strength to strength in the UK, it’s a clear indication of not only its market expansion but the huge opportunities and long term benefits this sector presents.
If you’re interested in the opportunities for developers to de-risk their schemes and portfolios, contact us here.