The growth of the UK’s rental market is strong according to the recent HomeLet index that states London saw the fastest rent rises in the first quarter of 2016 – 4.9% higher than a year ago. With the highest demand for rental homes in the South and East of UK, where Rendall & Rittner manage most of its 40,000 units, it is no wonder that delivering a customer-focus service is of a top property for managing agents delivering a ‘new rental product’ to the market.
This in turn has seen the rise of the UK’s build to rent sector, needed for the 7.2 million households predicted by 2025. Leading residential managing agent Rendall & Rittner is working with an expanding number of build to rent operators, ranging from major housebuilders to investment funds, that offer a new style of living for the young rental market.
The purpose-built market of which there is 30,000 units in the pipeline, offers all the necessary touches expected for sharers and large families alike however, today the offers includes luxury touches for a higher standard of living.
Rendall & Rittner’s managing director, Richard Daver, calls for managing agents to drive up standards of service and professionalism across the industry. He comments: “This expanding market offers a huge opportunity for our market. For professional landlords, this growth in the rented sector is creating a sea-change in what landlords expect from residential managing agents and also in how residents perceive the role of property managers. It provides the opportunity to maximise returns through value added property management.
“Forward looking developers understand that they need to invest in great customer service, a strong brand and a good choice of amenities if they want to be at the forefront of the PRS movement and maximise the returns for the landlord.”
Data from the government’s English Housing Survey also shows private renters in London now outnumber homeowners. However, it is not just a home that tenants are after – the new benefits that come with apartment living is also appealing. The demand for high quality rental homes is continuing to rise and by 2025 only 26 per cent of 20 to 39-year-olds will own their own home, down from 38 per cent in 2013, according to new estimates by PwC. Seeking to meet this demand from Generation Rent, the growing number of build to rent developments are now designed to offer brand new accommodation, as well as good levels of customer service and amenity, creating an attractive lifestyle for tenants.
The model for build to rent developments is often to offer a range of facilities and amenities for tenants, which is where managing agents can really play their part in adding value. Concierge services are usual, as are maintenances services and a 24-hour tenant helpline for reporting urgent issues.
However, many PRS operators are investing in additional lifestyle facilities for residents to use such as swimming pools, spas, gyms, club rooms and residents lounges. Online property search engine, Trovit lists over 3,000 apartments in London alone that are now kitted out with both a communal pool and gym for residents.
For quirkier services Rendall & Rittner even manages developments offering a residents’ wine cellar, snooker room, licensed club, a private dining facility and a virtual golf facility.
Rendall & Rittner offers a complete range of services including on-site staff recruitment and development, financial control, legal services and building repairs, managing a wide range of on-site facilities. Its service delivery is supported through the bespoke R&ROnline web portal for every property under management. It also offers consultancy services to developers ranging from assistance with management strategies for planning submissions, through to moving in strategies.
For further information about Rendall & Rittner, visit www.rendallandrittner.co.uk or email: [email protected]
