With Rund’s increasing work in the private rented sector, we’re helping clients tailor their build to rent developments to renters at different life stages, with different priorities.
Latest research dispels any myths that renting is a young’s person game. Renting is for all types of people, at all life stages with a market including younger independents, flexible professionals, budgeting families and older people who are reconciled with renting. For developers in the build to rent sector, it’s important for them to recognise renters prioritises change as they move through different life stages.
Different priorities for different renters
Groups of renters can be split into fairly defined groups, each with their own priorities and differences. Depending on life stage, research by LSL Property Services plc spilt renters broadly either as:
Younger independents (aged 18-24), or
Flexible professionals (aged 25-44 without children), or
Budgeting families (aged 25-44 with children at home), or
Reconciled with renting (aged 45+)
Here at Rund, we are working with Investors and developers on life stage-specific schemes, tailoring and targeting their new build initiatives accordingly. For example, accordingly to the research by LSL, an onsite gym is especially popular with younger independents, and at this life stage, these renters are more likely to pay more for outdoor communal space, whereas older tenants are more likely to prefer private outdoor space.
Tenants must be viewed as unique, with different motivations and reasons for renting and tailoring services to the priorities of the individual can significantly increase interest in a new build development. Landlords and operators need to consider how to provides services at competitive rates.
For example, the cost of living is an important focus for all renters, across all life stages, so developers need to focus on how their schemes can help – such as how a building’s green credentials will help reduce utility bills.
Crucially for developers is to ensure they have a good understanding of who they are targeting and how their scheme will resonate with tenants by catering to the different priorities of renters at different life stages.
Rund is working with its clients to be at the forefront of our services in this emerging and specialist sector.