As urban landscapes evolve and housing preferences shift, the dynamics of the rental market continues to transform. In this ever-changing landscape, Build to Rent (BtR) emerges as a prominent player, not only reshaping the way people live, but also influencing where they choose to call home.

Traditionally, when it comes to relocating to a new rental property, people tend to stay close to their current locale. However, our analysis reveals a noteworthy trend: BtR properties exhibit a unique allure that extends beyond the immediate vicinity. Compared to conventional privately rented households and new build Buy to Let (BtL) properties, BtR developments attract a higher proportion of movers from areas farther away from the site. This trend underscores the distinct appeal of BtR accommodations, offering a blend of modernity, efficiency, and enhanced services that resonate with renters seeking a lifestyle experience.

In fact, data shows that the median distance of movers to BtR in the UK is 5.8 miles. This is almost double the distance for PRS as a whole and 39% further than for new build BtL. One of the key factors driving this trend is the inherent efficiency of newer properties, which not only promise contemporary amenities but also boast cost-effective maintenance and utility expenses. Additionally, the comprehensive management and service offerings associated with BtR developments add an extra layer of convenience and comfort, further enticing renters to venture beyond their immediate neighbourhoods in pursuit of an elevated living standard.

However, it's essential to acknowledge that such lifestyle offerings often come with a corresponding price tag, making BtR accommodations more accessible to those with higher incomes. Nonetheless, the broader catchment area facilitated by BtR properties signifies a departure from the traditional confines of the local rental market. While the local market remains integral to a scheme's demand dynamics, the expanded reach of BtR properties diversifies the pool of prospective renters, enriching the rental landscape with greater diversity and choice.

Indeed, the rise of BtR marks a shift in the rental sector, redefining not only where people live but also how they experience urban living. As cities evolve into dynamic hubs of innovation and opportunity, BtR emerges as a catalyst for inclusive and sustainable urban development, offering a compelling alternative for renters seeking more than just a place to reside. 

In conclusion, as BtR continues to redefine the parameters of urban living, its ability to draw movers from further afield underscores its growing significance in shaping the future of rental housing. With its blend of modernity, efficiency, and services, BtR represents not just a place to live, but a lifestyle choice that transcends geographical boundaries.

Further information

Contact Guy Whittaker

UK Build to Rent Market Update – Q1 2024