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It’s no question that renting is on the rise. With this ever-growing demand, developers are working against the clock to construct purpose-built homes, designed to address the common problems renters face in the PRS sector.

 

As the ultimate rental experience, these BTR developments are enticing residents from a diverse range of demographics and household types, across the country. But what do these residents look for in a BTR scheme and why are they choosing to live there? We’re here to find out.

 

Gen Z

 

By 2025, Gen Z will make up at least a quarter of the global workforce, so this generation is quickly taking over the young professional rental market as they hit their mid 20s. Born between 1997 and 2015, this generation is highly educated, but still values security and convenience – seeking stability in their housing choices.

 

With a variety of amenities available as well as long-term rental security, Gen Z are certainly enticed by the BTR offering. Especially after being heavily impacted by the 2020 pandemic, this generation looks for opportunities of human interaction, so the lively communities of these developments are ideal. Although only a portion of this generation has entered the rental market so far, investors and developers are already planning for this next wave of renters.

 

Millennials

 

In their late 20s to early 40s, this generation actually remembers a time before the internet and were heavily impacted by the 2007 recession. When it comes to choosing a living space, millennials are in no rush to buy a home, as the flexibility of renting allows them to come and go as they please, rather than being tied down by hefty mortgage. Plus, in this immensely competitive real estate market, renting is often the only option as buying a property is just out of the question.

 

Build to Rent is a trendy option for millennials, allowing them to live where they want, when they want, in more expensive parts of the world where buying is just not possible. Especially with remote working on the rise, companies are offering flexible contracts where you can work from any location in the world.

 

Boomers and older

 

With boomers and beyond potentially looking to downsize, renting has become a viable option for these older generations. They don’t want to disconnect from the modern world and just move to the countryside away from the hustle and bustle. These generations are craving properties with little maintenance, but still within walking distance of public transport and amenities.

 

Without the restriction of owning a property holding them back, senior members of society can enjoy a more convenient lifestyle, whilst still feeling connected to their friends and family. BTR offers the value of modern, safe and energy-efficient rental properties, in well-connected areas of the UK and beyond. Over the next few years, we are going to continue seeing these generations embracing the rental life, both short-term and long-term options.

 

Final thoughts

 

Build to Rent offerings have opened up the eyes of both young and old individuals who are beginning to value the benefits of a more flexible way of living. Renting should never be a challenge for these generations, which is why BTR landlords are offering a hassle-free experience for every resident. With each passing year and the pressure to meet housing demands, the number of Build to Rent developments across the country is on the rise.