The elephants in the build to rent room
An Englishman’s home is his castle…or is it?
Multifamily features and amenities – 4 insights in 2 minutes.
Which features of the US multifamily market do you think of most likely to be replicated in the UK?
What I envision and it's very early on in the development of the sector, is that the UK will develop kind of their own unique take on the sector, but I think a lot of the things from the US will translate. Things like customer service and amenities and some of the design attributes of the apartments when it comes to amenities.
Which of the amenities that you see in the US do you think are going to translate best?
The one that has the direct linkage I would say is the gym. It’s the first one whenever I'm talking to clients about developing a build rent scheme - it seems like we always start with the gym and so I think that's just absolutely going to translate. From there we get into things like yoga rooms and rooftop decks and pet areas.
British people love their pets. To what extent you think we're going to see pet facilities being replicated over here in UK build to rent?
So that's one of the areas of apartment operations that generates a lot of additional income, which doesn't get a lot of discussion. But things like pet rent and pet fees and pet charges and security deposits just for pets - if you take things like that and all the other kind of types of ancillary income - that can be an additional five to ten percent of top-line revenue. So it's quite significant and it's actually a very high margin revenue because most of that goes right to the bottom line.
What do you think the importance of data and information is going to be?
In the US again we've been doing this for decades and there are data firms that collect and analyse and produce data that the operators and developers can tap into. Here, you know, where do you where do you start where you've only got, you know, a handful of buildings up and running and for true for a true Build to Rent. So I think it's one of these things that will just have to evolve slowly and we'll be building up that that information over time.
“An Englishman’s home is his castle”… or is it? The biggest elephant in the Build to Rent room is arguably whether or not Brits can accept renting as a lifestyle choice.
However, instead of letting this elephant get in the way of successful schemes – we want to talk about it.
Andrew Yates asks David Woodward, President at Global Apartment Advisors, about US Multifamily features & amenities – and the lessons that can be applied to UK Build to Rent.