Build to rent housing and the private rented sector (PRS) is growing rapidly in response to higher values in London, 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.
View Architecture for London’s portfolio of recent projects.
What is new in the build to rent housing sector?
The National Planning Policy Framework policy is being altered to support and to increase the number of Build to Rent homes, and the provision of Affordable Private Rent homes as the main form of affordable housing provision on Build to Rent schemes.
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.
The benefits of build to rent housing
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.
Whilst purpose-built rental homes are common in other countries such as Germany and France, they are relatively new to the UK. This new business model has the potential to revolutionise the sector: to create reliable long-term income streams for landlords and desirable PRS communities for tenants. This approach may perhaps even remove the stigma related to renting in the UK.
Visit the Architecture for London housing page to view our build to rent housing projects.