The standard of rented accommodation must be redefined to meet the increased needs of Generation Rent, according to Build to Rent: The Demand and the Opportunity, the latest industry summary released by Private Rented Sector expert Allsop.

The summary highlights that the Private Rented Sector is becoming increasingly prevalent in the UK, having doubled in size over the past decade and with 91% of tenants now considering their rented property their home. This is becoming an increasingly ‘non-committal’ generation of society, many of which are on the steepest earning curve of their careers, with few commitments financially and socially.

To meet this evolving demand, it is imperative that supply is increased with high quality new stock, such as large scale purposefully constructed rental developments of 100+ units, the likes of which have not been built for over forty years. This emerging Build to Rent sector should learn lessons from the prospering student accommodation sector, which has been successful for both students and investors, where quality, flexibility and good management are crucial factors to its success. 

Allsop, which has just launched a specialist Build to Rent team to advise investors on the potential of large-scale, purpose-built assets, say that qualities from the US multi-family housing investment model, an existing example of a mature purpose built rental market, can also be transferred. These include the notion of tenants being treated as customers, accommodation purposefully designed for longer term inhabitancy and an increased focus on the creation of community.

Paul Winstanley, partner at Allsop LLP said: “We are experiencing a fundamental shift in attitudes towards renting and it is vital that the rental product evolves to meet the changing needs of generation rent. Build to Rent represents an opportunity to create a product that will help provide much needed accommodation for this increasingly flexible generation, creating spaces that they will want to live in and more importantly, call home.”

View a short film introducing the report on Allsop’s You Tube channel.


Notes to editor

Allsop is an independent property consultancy with a market-leading reputation for high quality service, integrity and innovation. We are also well known as the UK’s largest and most successful auction house.  Our success is built on over 100 years’ experience in commercial and residential property consultancy and sales.

Contact

To arrange an interview or for the supply high resolution images or further information please contact Anna Jones
anna.jones@allsop.co.uk
020 7543 6728