Build to rent housing: how customer centricity is reshaping renting

Brendan Geraghty

CEO, UK Apartment Association (UKAA)

Find out how renting has changed: from stopgap to preferred choice. Explore customer-centric build to rent homes reshaping the UK’s rental landscape.

The role of renting as a second-rate stopgap between the family home and property ownership is shifting. Professionally managed, institutionally backed, customer-centric rental schemes are turning old perceptions on their head and changing renting into something new: a choice.

Customer-centric ‘build to rent’ sector

At the heart of this shift is the customer — the renter — someone who deserves more than a roof and four walls and has the right to professional service and customer care, just as when they buy from retailers. The residential property sector is slowly catching on to the importance of the customer and the value of customer-centric thinking. Leading the way is the burgeoning ‘build to rent’ sector.

At the heart of the build to rent sector’s success
— and the resulting paradigm shift in how we
view renting — is the concept of customer-centricity.

Build to rent growth and appeal

Build to rent is not new. The sector has been growing rapidly across all four corners of the UK for over a decade and has just passed the landmark of 100,000 completed, operational build to rent homes with the number of complete, under construction or in planning standing at nearly 267,000 (Savills/British Property Federation, Q4 2023).

What’s new is the appreciation of why build to rent is enjoying such success. Part of this is down to the on-site amenities and social opportunities. However, build to rent is not just for the professional; a range of houses and apartments are springing up, with homes for families and often with discounted rents that are attracting key workers. At the heart of the build to rent sector’s success — and the resulting paradigm shift in how we view renting — is the concept of customer-centricity.

Why customer focus drives build to rent success

Customer focus isn’t an add-on in the build to rent sector. It’s a core part of the offering, built into home design long before the first brick is laid. For build to rent to work, investors and operators must attract and retain customers. That means putting customers first throughout the decision-making process while providing high-quality, professionally managed, institutionally backed homes.

Savills reports that 2023 saw £4.5 billion invested into UK build to rent — the second-highest year on record despite challenging macroeconomic circumstances. At the heart of it all are the experiences of individual renters. Both customers and investors are keen to be part of the future of renting — and be part of build to rent.