From yoga classes to outdoor gardens where residents learn how to grow their own food, Build to Rent providers are continually raising the bar. A strong community is built and reinforced with every interaction between residents at these events, and they play a pivotal role in extended contracts.
Over-seas ex-pats, people moving cities, and those who want to experience an elevated way of renting are opting for BTR. The feeling of belonging goes a long way for people who seek community. Unlike traditional renting where a head nod between neighbours will suffice, Build to renters are forming friendships that go beyond renting.
Residents also get to know the people who run day-to-day operations and make the community happen. Often forming friendships where staff ask how the children’s school day was or how that date they went on last week went (it happens!). So, this feeling of community isn’t just provided by BTR providers, they also become a part of it.
In a day and age where renting is becoming more popular and people’s attitudes to renting becoming #RentPositive, Build to Rent is spearheading the way.
Stability is crucial in these long-term relationships. The Renters’ Right Act adds more pressure on landlords to find the right tenant, one which pays the rent on time, looks after their apartment and is a valued part of the community. The opposite is too high a risk especially now.
With no fault evictions abolished and fixed term tenancies a thing of the past, renters now have more renting power which makes finding the right tenant even more important. This becomes especially crucial for BTR providers due to the appeal of community amongst residents. Having an ongoing dispute with residents over unpaid rent or arrears may have a negative impact, adding the need to maintain morale onsite as well as pressures of revenue.
Not all providers waited until May to implement protective measures. Many have been recommending professional guarantors to potential residentsinstead of personal guarantors. Professional guarantors are faster and more reliable for providers and in the event of unpaid rent, will step in to ensure the landlord is paid and take measures to resolve the situation without court proceedings unless unavoidable.
This safety net makes for a better rental experience for both parties. Providers are less likely to have to make the difficult decision of eviction or taking residents to court while tenants have the security of having a guarantor.
In an environment where community is key, relying on a professional guarantor keeps the peace.
