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The benefits of the purpose-built rental market that are enjoyed by landlords and residents in the sector.
Rental homes have changed somewhat in the last couple of decades. While rental properties used to be homes bought by landlords in the mainstream market and just let out to tenants, a practice that does still continue, we've seen a move towards multi-unit constructions built specifically with the rental market in mind in recent years, and this has helped to swell demand for properties.
These managed properties are built with tenants in mind, and have their best interests at their heart. But what are these interests, and just where do purpose built homes tick the boxes for tenants in the UK?
Experience Invest takes a look at a few of the big benefits tenants enjoy in the rental sector.
Location still matters for younger tenants in particular, who want to know that they can enjoy a good work-life balance. Purpose-built rental homes have the advantage that they can be constructed somewhat tactically, being located near to the most thriving business sectors and the night life in any town or city, which allows tenants to enjoy the best of both worlds, and gives them a great balance to enjoy the ideal life as a modern professional.
Many rental properties in this sector are about more than just being somewhere to live. They offer tenants the chance to enjoy some fantastic on-site amenities that offer them the chance to save money elsewhere and feel like part of the community. Such amenities can include things like laundry rooms and even gyms, which are becoming more and more popular in new builds, like The Residence Manchester.
There's no getting away from it, young people love to live somewhere new and trendy. City workers in particular are looking for something that really stands out and just looks modern and slick. New build properties can provide this, becoming part of the skyline in their cities, but also having that individuality and stand-out features that make people want to live there.
Inside the home, design matters as much as outside. And in newer developments, homes are stylish and modern inside as well as out. Hardwood floors, interior decor that is downplayed and minimalist and open plan designs are just a number of on trend features that newer homes can play into, giving tenants exactly what they are looking for.
A benefit for both investors and tenants alike, maintenance in rental properties provided by on-site management companies such as Opto Living is a real plus point. For investors, it means being able to spend on property and then relax a little, knowing that they don't need to carry out much in the way of work on it, while for tenants, it means that they can call up with any issues and have them addressed as soon as possible, which is ideal for their needs and fits into their fast-paced lifestyle.
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