Over the last few years, the Build To Rent sector has grown rapidly, especially in large cities like London, where the percentage of households in the private rented sector is projected to rise to just below 40% by 2025.
Build To Rent properties are designed with the tenants in mind and reflect the lifestyle of the modern renter. Unlike traditional buy-to-let, the schemes offer much more to their tenants. Not only do the residents get to move into high-quality, purpose-built homes from the offset, but Build To Rent schemes also offer amazing facilities and amenity spaces onsite for the occupiers to use.
But what impact does amenities have on tenant wellbeing, and why are they essential for developers to include?
Tackling loneliness in renting
Loneliness has always been described as a risk to public health, even before the pandemic. In 2017, a survey from the UK’s Office for National Statistics reported that there were 5% of adults in England who reported feeling lonely – which equates to just under 4 million people. The loneliness epidemic continues to spread across the UK’s largest cities, especially London, and renters reported feeling lonely more often than homeowners.
Build To Rent developers have the ability to make a lasting impact in this loneliness crisis by placing more emphasis on amenity spaces and communal environments. By building a sense of community, interaction between residents is actively encouraged and it prevents individuals from just co-existing, reducing their social isolation and improving overall quality of life.
Improve emotional wellness
Among UK residents, the popularity of health and fitness is continuing to rise and is a critical component of tenant wellness. Being able to achieve a healthy lifestyle, conveniently, is currently one of the top aspirations of most young professionals. From onsite gyms and yoga studios to rooftop spaces, these Build To Rent amenity spaces are going to encourage mindful movement and help residents to feel happier and healthier in the long run.
According to a recent study, 48% of Brits participate in group fitness regularly, which helps to improve connections with friends, family and the wider community. Although many individuals enjoy solo workouts, communal fitness and wellbeing facilities are inevitably going to encourage interaction between residents. Fitness can build a sense of community, getting neighbours talking and become a built-in motivator for all aspects of life.
The world we live in is constantly ‘switched on’ and it’s often impossible to achieve a reasonable work-life balance with everything at our fingertips. It is no easy task to achieve this balance in today’s unpredictable and fast-paced business world. However, over long periods of time, feeling overworked, tired or stressed can cause an array of health issues in the long run.
With amenity spaces in BTR developments, these purpose-built entertainment and communal areas are ideal for residents who need to enjoy some time away from work after a long day in a relaxing space. Tenants will be encouraged to take advantage of these spaces, especially with events beginning to take place and help them find more of a balance in their life. This is not only going to keep them happy, but healthy and give them the ability to maintain and build relationships with other residents of the development.
Safety and security
When moving to a new neighbourhood, which is a common occurrence when renting in big cities, guaranteed safety and security is a huge priority for tenants. Many places feel different during the day than they do when the sun goes down, so it can be hard for residents to feel completely comfortable in a new area without spotting the obvious signs of a safe and secure development.
As one of the most common amenities in a BTR scheme, a concierge desk is becoming a necessity to improving the wellbeing of tenants in a development. According to the HomeViews 2021 Build To Rent Report, having a concierge facility boosted a development’s attractiveness to tenants, by 4.8% on average. These team members often serve as the primary point of contact for tenants, assisting with everything from coordinating apartment maintenance to monitoring the CCTV footage of the development itself.
Communal and amenity spaces do not only make the developments more appealing for tenants looking for a more modern renting experience, but these spaces are all ways of creating an exciting sense of community that renters might not otherwise feel.
Build To Rent apartments are more than just somewhere to eat and sleep. These spaces are designed to encourage tenants to look beyond the four walls of their rented accommodation and see the whole building as their home and safe space.