Build To Rent housing
The private rented sector (PRS) is growing rapidly in response to higher values in the capital, which have left many young Londoners without a chance of home ownership. This increased demand for rented accommodation has been pronounced over the past 5 years and is set to continue: PwC predicts that more than half of 20 to 39-year-olds will be living in the PRS by 2025.
Architecture for London is designing a 20 unit build-to-rent scheme in Walthamstow, east London, which typifies the approach of the PRS developer. The client brief emphasises design quality, durability and engagement with the site and wider community. These are key factors in a long term view, where the scheme must hold its value and appeal indefinitely. For many built to rent developers, the focus is on communal spaces and facilities, which aim to promote strong communities within the development and retain tenants over the long term.
There is an opportunity for developers and investors to deliver a good quality product with a new focus on tenant customer service, something that has clearly been lacking with many private landlords. This new business model has the potential to revolutionise the sector, to create desirable PRS communities and perhaps even remove the stigma related to renting in the UK.