The number of built-to-rent (BTR) housing developments is growing significantly to meet the increasing demand for single-family homes. After the crush of the housing market in 2009 due to the housing bubble, gradually but steadily the housing market is reviving with the growing number of BTR housing developments. These developments comprise of whole neighbourhoods of single-family homes, instead of just one-off homes. More importantly, these developments aim to support renters rather than homebuyers. In this article, we will discuss why the popularity of built-to-rent is increasing in the housing market and how these developments can benefit property managers, real estate investors, and housing providers. For more information regarding rental management, click here https://masterhost.ca/airbnb-management-london/.
Why Built-to-Rent Housing is Beneficial for Renters?
The popularity of single-family rentals (including built-to-rent housing societies) has increased significantly after the 2008 Global Financial Crisis. The major reasons behind this are-
- It is difficult for many families to get a mortgage loan.
- Even after offering the loan, many can not afford it.
- Families prefer flexibility in moving in the future.
- Some families look for complete privacy and more space.
Single-family rentals help to avoid several costs of homeownership. For this reason, built-to-rent housing has become the main priority of many renters.
The Reasons Behind the Expansion of the BTR Model
It’s easier for build-to-rent developers to undertake larger projects within a smaller space. They can also maintain the quality, look, and layouts of the projects quite precisely. These homes are new as well as accessible. This helps property managers to earn more from rent than they could get from older homes. More importantly, they don’t need to worry about maintenance issues for a few years.
Many real estate developers are also focusing on building new neighbourhoods through BTR projects. Many developers have found an increasing traffic for single-family properties than multifamily apartments.
Growing Investors:
Seeing the potential progress of the BTR housing market, many investors are involved in this investment option. Many conventional apartment developers are also undertaking BTR projects, considering the increasing popularity of single-family home rentals. With the rising demand for rental projects, it is expected that the BTR projects will continue to grow over several upcoming years.
Easy Maintenance:
BTR housing has made it easier for apartment managers to repair and maintain the apartment more efficiently. Whereas, traditional single-family rentals take place apart from each other and it is difficult to maintain and renovate those apartments.
How Does BTR Housing Meet the Expectations of Renters?
Most renters have higher expectations regarding the look of the home and neighbourhood. They want to feel like the apartment is their own home without purchasing and maintaining the home. This high expectation of the renters creates pressure on the management team to provide high-quality support services to the BTR community. To keep the maintenance costs down and make the logistics more efficient, the DHI community integrates a qualified maintenance team. There is also an on-site leasing staff to efficiently respond to the requests of the residents and minimize travel time.
Pet-friendly Apartment:
BTR housing is excellent for pet owners. While many renters are pet owners, BTR projects will help them to find a suitable rent.
Appeal and Affordability:
Renters get comparatively more space in single-family homes than in conventional multifamily rentals. Therefore, these homes are suitable for young couples and students with roommates. Due to increased privacy, professional single women are also preferring these homes. Renters also get an attached garage to keep their vehicles.
More and more renters are now looking for single-family rentals for the facilities mentioned above. This is why the number of built-to-rent housing projects is also growing to meet the increasing demand. Therefore, it’s evident that BTR housing is the future of property management.
