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The London Report 2022 | The role of Build to Rent 17
WHAT RENTERS WANT
Having worked in the rental sector for
40 years, we understand renters: who they
are, what they need, what they are likely
to pay and how they will live; long before
the first brick has been laid. This
knowledge and experience across the
wider market helps our clients through the
feasibility and planning stages, informs the
optimum mix of units and design, sets the
target pricing and phasing and ultimately
ensures successful tenant acquisition and
lease up.
RENTERS EMBRACING BTR
Our unique database, supported by
Artificial Intelligence and the Foxtons
Business Operating System (BOS), gives
all our offices access to London-wide
applicants, helping people move around
London to find the right property for
their needs. As long as they are within
45 minutes of their workplace, renters
are incredibly flexible and open to trying
new places and products. Once they
understand the concept of BTR, many are
happy to pay the same rent but with a
slightly longer commute in order to enjoy
the benefits of a BTR home.
BTR AND THE WIDER COMMUNITY
When placemaking is at the core of
developer aspirations, it can have
far-reaching impacts on the wider area.
At Elephant Park, Lendlease have given
huge consideration to the wider
community, far beyond the 24-hour
concierge and the working, relaxing and
social spaces offered at Living by Lendlease
in Park Central. By developing the largest
green space in London for 70 years and
investing in employment opportunities,
retail and leisure, they are crafting a
meticulously thought-out oasis, right in
the heart of Zone 1.
IMPACT ON TRADITIONAL LANDLORDS
Living in a BTR home has become a
lifestyle choice for some renters, but
it's not for everyone. With more than
17 applicants for every property listed
in 2021, there is huge demand for
renting and the BTR sector can only
cater for a small proportion of these;
traditional landlords continue to have a
large part to play. There is much they
can learn from the new level of
professionalism and service that BTR has
brought to the sector. Today's renters
want their demands to be dealt with
quickly and to have timely, relevant and
targeted communication. They want
flexibility on things such as tenancy
lengths and pet ownership.
SARAH TONKINSON
MANAGING DIRECTOR
INSTITUTIONAL PRS
AND BUILD TO RENT
A FOXTONS
PERSPECTIVE
1 IN 10 FLATS RENTED IN
2021 WAS A
BTR FLAT
Foxtons 2021
£449AVERAGE RENT
PER WEEK FOR
BTR HOMES
Foxtons, flats, 2021
Vantage Point
Union Wharf
The Foxtons BTR team are uniquely
positioned to service the needs of developers
through to tenants. As changing working
and social patterns mean people have the
opportunity to spend more time at home
and less time commuting, the facilities and
social spaces Build to Rent communities offer
are becoming even more appealing to an
audience making a lifestyle choice to rent.
AS THE LEADING BUILD TO RENT (BTR) AGENT,
WE WORK WITH DEVELOPERS AT EACH STEP IN
THE PROCESS FROM LAND BUYING RIGHT
THROUGH TO LEASE-UP, ASKING THE RIGHT
QUESTIONS OF OUR DATA AND PROVIDING
REAL INSIGHT AND ADVICE FROM OUR
UNDERSTANDING OF TENANT BEHAVIOUR.