Our definitive Build to Rent Report was published on April 30th, 2024. One of the key findings in the report was that BTR residents consider their homes to offer increasing value for money, despite seeing consistent price increases across the rental sector since 2021 (Rightmove). Here we take a look at the data and explore why this is.
BTR Value ratings higher than ever / ‘For Sale’ tenant ratings dropping
As you can see in the top graphic here, BTR Value ratings have been climbing since 2020. The small dip in 2022 was seen across ratings in what was a tough year for the property industry as a whole.
The BTR Value rating increase is contrasted with Value ratings from tenants in comparable new build ‘For Sale’ homes. Their Value ratings have seen steady decline over the past four years.
So, how connected are pricing and Value ratings in BTR?
As the lower graphic shows, little correlation is seen between the pricing of a development (relative to the local average) and its Value ratings. Some of the communities with the highest prices relative to local averages also enjoy the highest Value ratings, and vice versa.
Why? Key Value factors beyond pricing
Our reviews show that residents moving into Build to Rent communities are experiencing the value added by factors such as onsite facilities, communal spaces and events, responsive management and carefully selected locations close to local amenities. Residents are happy to pay a premium where benefits exceed expectations – something that is especially common for tenants who are new to the BTR experience.
Find your own resident insights with the HomeViews Pro data dashboard – contact our Co-founder Rory Cramer at rory@homeviews.com
HomeViews is the only independent review platform for residential developments in the UK. Prospective buyers and tenants use it to make an informed decision on where to live based on insights from carefully verified resident reviews. Part of Rightmove since February 2024, we’re working with developers, house builders, operators, housing associations and the Government to give residents a voice, recognise high performers and to help improve standards across the industry.
