People in the property sector will know the names of main BTR developers, but what about the average tenant? What are they able to say about who’s building their future homes and how are they going to achieve this?
Build-to-Rent is not yet a household term and people don’t know the best developers in the market. As the phrase becomes more popular, tenants will become more familiar with the names associated with BTR.
Here at LOFT we have analysed the key areas that are likely to become the first “Apple” or “Nike” in the BTR world.
All consumers want to know what they’re paying for. Emergent sectors, such as this one, have the luxury of keeping their cards close to their chest, for the everyday consumer the idea of something new always inspires curiosity.
But as the BTR market takes form, that same market will be more discerning. Tenants will appreciate being told how a rental offer breaks down. Higher costs will equal more acceptance from renters when security, quality design-led furniture, a concierge or on-site gym are put into the picture.
Reliable tech and internet
It’s frustrating when the toys we’re given don’t work as promised. If a BTR scheme includes things such as smart home devices and electronic door locks, it has to be ensured they function perfectly, from the first to last days of a tenancy.
Wi-fi is the prime example – a slow, unreliable connection isn’t good enough. It will weaken the consumer relationship, just like staying in a premium hotel and seeing the wallpaper peeling off. In many respects, luxury stands for consistency.
A focus on values over marketing
By that, we mean fixing a value in the mind of the tenant, merely from a glance at a billboard or an internet ad, rather than trying to entice tenants with big campaigns. However, it raises the question ‘What does a BTR project represent? How different is it?’ The big brands of the future will prioritise their service aims over huge, flashy ad campaigns, until one can lay ground for the other.
Ultimately, tenants love a space that looks good, feels comfortable, and takes care of their unique living requirements. BTR organisations may struggle on how to do this effectively; cost limits are very real with third-party investment. For design aspects like furniture, for example, there’s a balancing act to strike between affordability and stylish and ethically sourced furnishings.
LOFT offer design led interior solutions for the Built-to-Rent market, offering residents a `life enhancing rental solution` by providing BTR developers with an efficient and cost-effective solution for high-end, large-scale interior fit-outs. We have a dedicated Interior Design team with specialist knowledge and an understanding of interior design within the BTR market, that will work with you to achieve your vision by either working in partnership with your own architects and designers, or creating a concept for you.