The build-to-rent sector has seen rapid growth in recent years, with 148,046 build-to-rent homes completed, under construction or in planning across the UK, a 20% increase compared to this time last year.
The UK housing crisis is well documented and the PRS and BTR sectors are the missing pieces of the jigsaw. Over the last decade, renting has become an accepted lifestyle choice. There’s been a huge change in demand, from students and graduates traditionally accounting for the majority of this sector to over half a million working professionals and families aged 25-34 choosing to call private rented properties, home. This is just the start. By 2025, around 25% of all households in the UK are expected to be private rental properties, that’s 1 in every 4 homes. PRS will continue to be a number one choice as the expectations of home buying continues to shift.
With our first sites in Birkenhead and Telford up and running, a construction program is underway and more brand-new homes are set to be delivered and let in 2020. Wise Living is taking the lead in this growing market with over 2,000 homes set to be delivered every year for the next 3 years. We’re challenging the standards set in the private rental sector (PRS) by putting the tenant at the heart of everything we do, making Wise Living the provider of choice for tenants, local authorities and developers across the UK. We’re focussing on delivering 2 and 3 bed professionally managed family homes, offering a quality alternative to existing rental stock.
We’re committed to providing tenants in the ever-growing but under-served private rental sector with decent homes and a great place to live. The Private Rental Sector continues to grow and represents a great opportunity for developers to de-risk their schemes and portfolios.
Sources: British Property Federation (BPF), Zoopla, AMA