Understanding the rental market with Phil Spencer
- Go back
- 08th Apr 24
Myth busting with Phil Spencer
Who better to debunk the myths surrounding Build to Rent than Phil Spencer, the renowned property expert and co-presenter of the hit television show "Location, Location, Location"? With his wealth of experience and knowledge in the real estate industry, Phil is a trusted authority on all things property related.
Recently, he engaged in a thought-provoking conversation with Anne-Marie Brown, the Founder of Love to Rent, the first and leading digital marketing platform and lettings service exclusively for Build to Rent. Their discussion focused on dispelling misconceptions within the burgeoning Build to Rent sector. As advocates for informed decision-making in housing, Phil and Anne-Marie explored common misconceptions and shed light on the realities of renting, emphasising the benefits and opportunities and why there still much work to be done to educate the public about alternative housing solutions.
How familiar are people with Build to Rent?
When Love to Rent was established in 2017, there was nowhere for operators to market the sector, despite its projected growth. But beyond this, Anne-Marie discovered that it was largely ignored by the public. When questioned, 59% hadn’t heard of it at all, and those that had, a high percentage couldn’t really explain what it was. Since then, Love to Rent's online platform and active presence on social media have played a pivotal role in bridging this gap of awareness. Through engaging content, informative articles, and interactive discussions, Love to Rent has succeeded in demystifying the concept of Build to Rent for the general public.
Establishing community
During the conversation, Phil explained how impressed he was with the ethos of creating neighbourhoods and building community but wondered if this ran through every Build to Rent development. Through extensive research and understanding of the sector, Anne Marie explained that whatever level of home you are renting, creating a cohesive and sustainable development is at the heart of every Build to Rent development. Encouraging community interaction goes beyond the development too, with operators supporting local community initiatives to fully integrate the residents into the neighbourhood.
How people can feel secure while renting
Every person has the right to feel secure in their home, whether they are a homeowner or tenant. Phil believes that the most crucial aspect of Build to Rent is allowing tenants to feel safe and protected by ensuring that the professional management company provide maintenance so if there are any issues, the tenant knows exactly where to go to get it quickly dealt with. Security is also in the form of giving the tenant the power to dictate how long they want to stay in the home for. This is particularly important for families with children in school to give them stability and a sense of belonging. By offering flexible lease terms and reliable maintenance services, Build to Rent not only meets the basic need for shelter but also fosters a sense of security and control for residents.
Changing demographic
Love to Rent is on a mission to educate individuals on the diversity of the Build to Rent market. When the concept first came to the UK, it was predominately aimed at young professionals. But since then, the demographic has changed, something that Phil was particularly interested to understand. Anne-Marie explained how operators are creating a wide range of homes, including single family housing, which has meant that the appeal of Build to Rent has expanded to encompass a broader spectrum of society. Anne-Marie elaborated on how operators are responding to diverse housing needs by offering a variety of housing options within the Build to Rent sector, from studio apartments to spacious family homes. This evolution has made Build to Rent a viable and attractive choice for individuals and families at various stages of life, from young professionals to retirees.
A shift in attitude
Attitudes to renting are changing and Build to Rent is playing a significant part of this. People are choosing to rent now within the Build to Rent sector, attracted by the additional offerings creating a lifestyle where wellbeing, sustainability, and flexibility are prioritised. With Build to Rent developments offering a host of amenities, such as communal spaces, gyms, and green areas, tenants are embracing a new way of living that promotes both physical and mental health. Although amenities will vary from development to development, the golden thread of this wellbeing ethos will run through every development.
Looking to the future
As a property expert, Phil is acutely aware of the pressing need for more housing in the UK so was delighted to hear about the pipeline of Build to Rent in construction. With the changing landscape of work, more people are embracing remote work, making it crucial for residential developments to provide flexible spaces that cater to both living and working needs as people seek connection. Build to Rent developments, with their emphasis on shared amenities and communal spaces, are uniquely positioned to foster vibrant communities where residents can socialise, collaborate, and support each other.
Giving customers as much information as possible, Love to Rent has several initiatives such as the Build to Rent Awards, which highlight the diverse range of elements within the Build to Rent sector, from innovative design features to community-focused amenities. The ongoing Love to Rent Week, featuring insightful case studies of individuals living in Build to Rent developments, serves as an invaluable educational tool, providing firsthand accounts of the benefits and experiences of Build to Rent living.
By embracing innovative approaches to residential development and prioritising the needs of tenants, the Build to Rent sector is poised to play a significant role in shaping the future.