Just like any other business, the success of Build to Rent properties lies in keeping your target market happy and retaining their custom. Having residents in place who are keen to re-sign their tenancy agreements shows how fit for purpose your BTR property is, and it means you won’t have to spend time and effort replacing leaving residents with new ones.
Keeping residents happy can be tricky, but focusing on their core needs and understanding the value you bring to the table is the key to enticing them to stay longer. The more suitable your accommodation is, the less likely they are to leave.
Trying to work out what people want isn’t easy, but we’ve been helping BTR developers and operators for years. There are many recurring commonalities on what residents want, so we decided to list the traits you need to focus on to keep your Build to Rent properties at capacity.
Know Your Target Market
BTR is primarily aimed at the Millennial and Gen Z markets, but Build to Rent appeals to several demographics for a variety of reasons. The housing market is in a critical state, as there isn’t enough affordable housing to meet demand. Students, families and retirees are looking towards BTR for a cost-effective solution. Build to Rent properties also provide many opportunities to form close-knit communities, so it’s no wonder that BTR has grown in popularity in recent years.
As its popularity continues to build steam, you’ll need to know the best way to design your spaces so they appeal to the right demographic. Students will gravitate towards study areas that allow for collaboration, families are going to put play areas at the top of their list, and retirees will consider safety aspects such as lighting, handrails and wheelchair access.
There’s plenty of scope in BTR to provide every market with their requirements, but you have to take a measured, tailored approach. That’s what our team did when we advised Essential Living on their ‘multi-family’ development in Greenwich, London. Now, they have spaces that work perfectly for young families, which will help keep retention rates high.
Focus on Interior Design
One of the main reasons people flock towards Build to Rent properties is for the way they boost mental wellbeing through communal living. However, shared social spaces will only attract residents if they have been designed to be open and inviting. This is why you’ll need help from expert Interior Designers.
Communal areas should be bright and spacious with plenty of comfortable seating, perfectly arranged to maximise opportunities for conversation without anyone feeling overcrowded. Statement pieces and themes invite opportunities for discussion, and the right colour scheme can help deliver on the relaxing, chilled atmosphere you’re looking to achieve.
Our award-winning Interior Designers specialise in furnishing social spaces in Build to Rent properties, as they know what residents like and how putting everything together can improve mental wellbeing. By delivering on these needs, your residents will feel happy and mentally healthy in your scheme, increasing the chances of them staying for longer.
Deliver on Quality
Build to Rent properties are attractive because they offer people an affordable way to live in modest luxury. In exchange for regular payments, residents have access to high quality living conditions they would’ve struggled to find without saving up. By consistently delivering quality, you meet your residents’ needs and increase the possibility of them staying in the long-term.
Communal living spaces and private quarters need to have a first-rate fit out. Furniture that comes across as cheap will leave residents with a bad impression, and if it’s a struggle to keep furnishings clean and well-maintained, residents are less likely to spend time inside the building. If this happens, it shouldn’t come as a surprise if they decide not to re-sign at the end of their agreement.
Your residents will pay for and expect quality. This doesn’t mean you have to spend over the odds on furniture, though. Our collections are all about proving luxury can be affordable, browse through our BTR furniture and find the right level of comfort and style for your residents.
Remember to Live Your Brand Values
There’s a lot we can say about the Interior Design of Build to Rent properties, but fashioning them to a high standard can only take you so far. To truly entice residents into staying longer, you need to follow your core values to the letter.
Residents have to know they can turn to you or your staff if there’s an issue. Exceptional customer service creates a great, lasting impression and strengthens your brand. If your team are basically faces in a crowd, then no one is championing your cause. Get to know the residents and make sure they get to know you, too. Residents will naturally form bonds with each other in the right setting, but never forget that you need to be approachable as well. Living LOFT’s brand values is something our team prides itself on, which is why so many BTR operators and developers entrust us to design and furnish their properties. We make life as easy as possible for you and residents, and we understand that any meeting residents have with our team is also a reflection on your brand. We’re helpful, professional and friendly, so you can trust us to exceed expectations.
Creating Build to Rent Properties Residents Will Love
Resident safety and happiness should always be your main priority, and if you can keep smiles on their faces, getting them to stay for the long-term should be much easier.
We’ve been designing and furnishing Build to Rent properties for years, and we’ve learned a lot about what residents want and need from BTR schemes. From the communal areas to private rooms, we have the expertise and products that will help convince your residents they made the right choice signing with you.Make sure to contact a member of our team when furnishing your development, and you’ll receive a complete and helpful service from start to finish.