Maximum Appeal - How to design build to rent interiors
In the same way we’ve seen hotel design change over recent years, the same can be said for our living habits. Rising property prices, changing attitudes towards renting, and a lack of affordable quality housing have all contributed in some way to the growth in the sector.
So, what is build to rent housing and what’s the relevance from a commercial interior design perspective? Let’s find out.
What is ‘Build to Rent’ (BTR) Housing?
While it’s a term the general public may be hearing more of now, in the commercial property sector it’s been around for a while and, to be honest, it pretty much does what it says on the tin. Build to rent properties are new build apartment blocks that are built to target the rental market and are managed by one landlord.
According to one article by Petty Son & Prestwich, the concept was introduced in 2012 and formed part of the legacy programme for the Olympic Games when the athlete’s accommodation was transformed into BTR housing. The latest reports from Savills claim that the sector has received significant investment over the last five years and while the market was impacted significantly by the Covid-19 pandemic, it has bounced back quickly and has a bright future ahead with just under 172,000 Build to Rent homes planned, under construction, and operational across the UK. Property Week has reported the same, claiming the pandemic may have actually helped rather than hindered the market.
The same report by Savills shares the details of several investors looking to enter the market; AXA, Delancey Oxford Residential and Pension Insurance Corporation to name a few. And while the trend may have started in London, new developments planned in Manchester, Bristol, Leeds and Glasgow show that the sector reaches well outside the capital, and is something we’re seeing UK wide.
How to design for maximum appeal
With all this competition in the sector, to stand out investors need to be thinking about creating ideal spaces for renters to give their properties the maximum appeal. Here we break down our advice for designing the ideal build to rent space.
Know your audience. The key to standing out is to really understand your customer and make sure the space caters to their requirements. Housing Today has reported that a London First study looking at ten build to rent schemes in the capital, showed 80% of residents were under the age of 35. This young professional audience may have a different outlook from the wider renter market so think about their expectations:
What facilities will they expect to be in common areas?
Any smart tech products they’ll be expecting to be integrated?
What should the balance be between contemporary design and homely surroundings?
Understanding the key market will help inform the design choices you make and lead to a more competitive service offering.
Work with a design firm that knows their stuff. There are a lot of complexities in large-scale commercial design, a lot to be considered around; layout, shared facilities and budgetary requirements. The mix of personal living spaces and shared facilities mean you need a designer who can deliver concepts that flex to suit the space. While you may need designs for multiple sized apartments to suit different renter budgets, you may also need concepts for workspaces, gym and leisure facilities, reception spaces, and outdoor areas. While these areas may merit different levels of investment and need to flex to suit resident’s usage, it’s important to make sure the development remains of a piece.
Remember – you’re selling a lifestyle. One of the driving factors shifting our culture to be more accepting of built to rent living spaces is the quality that comes with the territory. (See our post on latest trends here). Young professionals are seeking these options as a more cost-effective way to enjoy city life. It’s important to create a space that reflects the vision renters have for their lifestyle. This means creating flexible spaces – to dine, work or socialise. Consider furnishings, fittings and the integration of tech – you want the space to be modern and contemporary but not clinical – renters aren’t looking to live in the office.
The key thing to remember is that you’re creating someone a home, it should feel safe, secure and comfortable and leave space for them to grow.
Our team is well experienced in commercial interior design, having worked across numerous new build and conversion properties in our time. We love drawing inspiration from our wider projects to create aspirational, striking interiors, which set you apart from your competitors. We know how to take your project from concept to creation and can work with you to make the process seamless.