The boom in build to rent is having a huge impact on the property market in London. With high demand for rental properties more developers are looking to construct homes specifically intended for long term rent.
Tenants get several benefits from choosing to live in build to rent homes. Firstly the owner has specifically focused on the long term. This means they won’t be looking at selling their investment properties any time soon. As a result longer tenancies are typically offered, allowing renters to become part of a community rather than feeling like they are only a temporary, short term resident.
The second advantage of build to rent for tenants is these properties generally have a wider array of facilities for them to use and can come with many useful services. Communal areas are common and go further in promoting a community feel. Facilities like a gym and services such as a concierge also add value for renters if they are provided.
The government is also supporting build to rent because it prevents new, good quality homes from being sold off to people who may hold on to them as investment properties without evern inhabiting them. This can be a problem in London because property prices are so high. It is one of the reasons why so many people complain about a lack of occupation in a number of high profile developments.
Several new build to rent developments are currently under way across London, promising thousands of new homes will enter the market. One of these is Park Lofts in Camden. The 12 designer apartments are situated in a building that was formerly a butchers shop. The properties are stylishly decorated and there is a concierge service. Weekly rents are attractive too, particularly with the central location.
At Finefair we offer useful services for clients thinking about investment properties in Camden and other parts of London. We understand the impact that the boom in build to rent is having on the market and the opportunities it can provide for people looking for larger, long term investments. If you would like our advice or support please contact us.