The Private Rental Sector (PRS) is booming. With demand for properties continuing to far outstrip supply, the increase of this sector should come as no surprise and is unlikely to dissipate any time soon.
Investment in the sector reflects this. Analysis by the British Property Federation shows that, in January 2016 alone, more than £4bn was invested in PRS across the country – almost a third of the £12.5bn invested in property as a whole over the entirety of 2015. But in a booming industry, with so many companies entering this sector, how can a developer make sure their properties stand out from the crowd?
To attract aspirational young professionals keen to enjoy urban living while saving to get a foothold on the property ladder, PRS developments tend to focus on quality and location - offering luxury standards of living with easy access to city centres. Some offer on-site gyms, landscaped gardens and high-quality communal spaces exclusively for tenants. A prime example of this is in Manchester where, at the end of June, the City Council approved planning permission for the tallest building outside London. With apartments focused at both private ownership and PRS, its shared facilities include lounges, roof gardens, swimming pool and indoor tennis courts.
Of course, it isn’t just these higher-ticket items that renters will find attractive. Successful PRS developments are all about creating the right lifestyle setting, and there are a range of smaller things providers can consider in order to provide a more welcoming and desirable living environment.
For example, one frustration renters often state is the inability to really make a property their own, by putting up pictures or mirrors for example, without running the risk of a fine once they leave. Some renters have even stated they are willing to pay more in rent to be afforded this freedom.
Research also suggests that tenants can feel uncomfortable making changes to property, even with straightforward DIY. British Gypsum’s Gyproc Habito helps make this easier. It features a reinforced core, making it five times stronger than standard plasterboard. As a result, it can support up to 15kg with a single no. 10 woodscrew.
Tenants can therefore fix decorations to their walls with confidence and without the need for DIY skills (or specialist fixings), making it quick and easy to put their own stamp on their home quickly – without risking the investment of property owners.
For landlords feeling hesitant over allowing tenants the freedom to undertake even minor DIY, there are other options available. Our Thistle Magnetic Plaster, for instance, attracts magnets, meaning posters and picture frames can be attached and moved around at will. This removes the need for blu-tak or nails to fix decorations to walls, leaving tenants free to personalise a property with ease and without leaving any marks or holes behind.
The Private Rental Sector is an increasingly important part of the housing mix, attracting significant investment and offering the high quality properties demanded by tenants. For providers aiming to make their properties stand out, clever product selection can help create a highly appealing proposition to a discerning audience.