There are groups of individuals of all ages who rent their homes – whether out of necessity or preference. The motivations vary from homeownership being out of reach, renting to save for a deposit, lifestyle choice, to increase social mobility or not wanting to take the risk of a mortgage. Being able to choose a managed private rented accommodation, in their preferred location, which they can rent for the short or very long term is crucial.
Renting is becoming the norm and as a result there is an increased demand for purpose built, well-thought out private rented accommodation, known as Build to Rent. This emerging sector can widely increase the supply and choice of private rented accommodation. These Build to Rent schemes can take many forms including neighbourhood community living, high density apartments at affordable rents, suburban houses, senior living and chic city living with lots of amenity which address the needs of a very wide pool of tenants. As the choice increases, many homeowners may decide the flexibility offered is preferred to traditional homeownership.
Beaverhall CGI view
The diversity of these initiatives provide individuals with the choice to find a place they can call home, safe in the knowledge it will be professionally managed by a reputable brand (often an institution). Build to Rent is in a great position to help compliment the wider private rented sector, which is typically built up of fragmented buy to let investments owned and managed by individuals. Build to Rent tenants find comfort in knowing they have a long-term alignment with the professional landlord without the risk attributed to smaller buy to let investors.
With this in mind, it confirms Build to Rent’s suitability to form part of the nation’s strategy in delivering well-managed and tenant focussed private housing. There is an opportunity to support new market entrants who are eager to provide housing choice, affordability and community centred private rented schemes in Scotland.
Scarlett Land and Development are engaged with a range of active participants across the Build to Rent market, whether it be landowners, developers, investors, or council to work together to deliver new and engaging projects across Scotland.
A full listing of Scotland BTR and an interactive map of BTR schemes can be viewed here.
