COMMENT I recently let a friend in a jam between rentals stay at my place, for a fairly lengthy period of time. After 18 months of hibernating alone, this experience gave me a fresh perspective on housing.
Not only was it a reminder about how hard it is to find a decent place to rent in London (200 messages on SpareRoom and 20 interviews later, she has finally found somewhere), it also made me think about what we get from a home.
Your home is a place to keep your belongings, a place for peace and privacy. For many, it is an office. It also shapes many other parts of your life – where you go, who you see and how you spend a Saturday night.
For residents of Aberdeen Standard Investments’ The Hub in Harrow, northwest London, their home may also involve harvesting veg from a vertical farm. At Wembley, it could include a rooftop slide or a pirate ship. Quirky perks like this are why build-to-rent owners can price a flat 21% higher than the average rent in London.
But, with more than 21,000 BTR flats now in the capital, the product and service can vary. A mystery shopper investigation of UK’s biggest BTR schemes has revealed a chasm in service and quality. In one of the worst cases, one shopper said: “Poorly trained staff do little to challenge the image of the unreliable private landlord and justify a premium rent.”
Everybody has a bad landlord story. And BTR wants to change that, upcoming reform could help this. But thinking about my friend again, I’m not sure she would want to fork out £1,600 a month for that security.
That’s why BTR needs to keep evolving. “We recognise that not all needs are met by existing templates,” says Adina David, director of flexible housing at Greystar. In an ode to the city, she explores how new models can cater to different demographics. “The best of human experience comes out in cities as people from so many different backgrounds figure out ways to live together. Through that they propel society forward.”
Click here to view this week’s magazine, and read on for more headlines from the BTR special:
Moda enters Belfast in £1bn life sciences strategy
Build-to-rent scheme to pay for St Mungo’s centre
Perks and premiums: Behind the doors of London BTR
Mystery shoppers reveal the best and worst of BTR
On the road to Wembley with Quintain Living’s Danielle Bayless
COMMENT Why the Rental Reform Bill needs to work both ways
COMMENT Why we live in cities (a love letter)
COMMENT How ESG can drive a PRS rental premium
COMMENT How we set a benchmark for our BTR carbon footprint
The EG Interview: Get Living’s Rick de Blaby on his proof of concept
BTR investment drops with £465m in Q3 deals
To send feedback, e-mail emma.rosser@eg.co.uk or tweet @EmmaARosser or @EGPropertyNews
