Amenity spaces are the key in the campaign to win and retain residents as well as achieve higher rents in Build-to-Rent developments across the UK.
The growth potential of UK Build to Rent is huge, the sector has expanded rapidly in recent years, with over 30,000 homes complete and a further 110,000 in the pipeline. Here at LOFT we look to the student accommodation sector for our benchmark. We have worked in the student accommodation sector for over 10 years and have been designing and installing amenity spaces that help to create a strong sense of community. We believe there’s at least a decade to go before institutional private rent reaches maturity, meaning there is still plenty of scope for the sector to develop further.
When considering amenity spaces, BTR developers should think about what provides actual value to residents as opposed to headline-grabbing novelty. For the amenities to stay current, developers need to retain the ability to reshape the residents offering in response to new trends and the changing demands of residents. This is a key advantage in a very competitive market. BTR operators are now offering residents yoga classes, business coaching and even cooking courses as well as weekly movie and pizza nights. These events utilise amenity spaces and help develop a sense of community.
LOFT’s Head of Design Lauren Maylor explains the importance of amenity spaces in BTR developments “As an Interior Designer I understand how important it is to incorporate amenity spaces, resident’s now demand additional spaces outside of their own apartment that gives them a feeling of having larger living areas allowing them to entertain with friends and family even if they have a one bedroom apartment. Amenity spaces are also critical in creating a sense of community and encouraging engagement between residents, ultimately these spaces are creating vibrant vertical communities.”
Amenity rich Build to Rent developments can achieve a higher rental premium when compared to the private Buy-to-Let market. Such developments can include;
Lounge areas; one of the most common spaces in BTR buildings, they are a must have for residents to come and relax, read a book, catch up on emails. These areas will often include large TV’s, allowing residents to watch the latest TV series together.
Bookable dining space – perfect for private parties and entertaining friends and family especially if space is limited within the resident’s apartment.
Games room / space – a very popular space for residents to interact with neighbors, enjoy a drink over a few games or pool.
Outdoor space – premium developments will often offer a rooftop area for residents to enjoy the views and have an exclusive space for relaxing after work or at weekends. BBQ and outdoor cooking areas are one of the latest trends for outdoor areas.
LOFT are pioneers of the Build-to-Rent market and understand the impact of design upon well-being. LOFT have a dedicated BTR brand called `Twenty Twenty Living`, which help you create a unique style identity in-line with your brand message through design led products and interior design. We have a dedicated Interior Design Team who can work with you or your own architects and designers in creating the perfect BTR interior. Find out more about Twenty Twenty Living and our Interior Design Service.
Essential Living’s Union Wharf, London is LOFT’s most recent completed BTR development. With 249 premium apartments, multiple amenity spaces and roof terraces across two towers, the development was the first BTR scheme specifically designed for the family market. To find out more about this development click here.