Foxtons London Report - Autumn Statement reveals a bright future for London’s Build to Rent market and the renters who love it.
It seems whenever we talk about Build to Rent (BTR), the prevailing narrative is that every renter we introduce absolutely falls in love with the lifestyle. However, everyone needs to be introduced because there just isn’t enough awareness of what Build to Rent can provide within the general public. Foxtons latest report The London Report - Autumn Statement has just been released, and it has an exciting new story to tell.
We’re seeing renters actively seeking out Build to Rent developments, with more people moving to new areas of London specifically for a BTR development with their ideal amenities, finish and communities, instead of stumbling upon the BTR in their area. In 2023, 44% of renters who moved into a BTR development did so from outside their initial area, up from 37% in 2019.
At the same time more renters are choosing BTR, London is committing to more of it. Once the developments in construction are completed, and when the planning pipeline is delivered, there will be 91,603 units, a massive influx from 2019’s 22,077 units.
From renter to resident
Build to Rent developers work tirelessly to create an environment where those living in the building feel like residents, not renters. This is a primary consideration from location of the development to design and function in the building, the interaction from the on-site staff, the amenities, the tech integration, the look and feel, even the smell of a BTR development is carefully orchestrated to create an experience its residents love.
Sarah Tonkinson, Managing Director - Institutional PRS and BTR says, “It’s something Foxtons Build to Rent team take very seriously. When you take a potential resident to view, they’re trying their best to picture what their life will be like there. In Build to Rent, it should be abundantly clear at every turn, even from our first communications to them, so when they walk into the lobby for the first time, it already feels like home.”
This distinction should set the sector apart from the rest of the private rental market, and we have reason to believe it’s working. While BTR is growing in incredible leaps and bounds, its growing numbers of residents are planning to stay longer, too. And when they do move, perhaps because they need a second bedroom or a different neighbourhood, they’re increasingly moving within the same brand. It represents a sense of interest and even loyalty among Build to Rent residents.
Ready to become a resident? Get in touch with Foxtons BTR team.
If you want our help bringing your development to the 50,000 renters who register with Foxtons monthly, let us know.