Significant investment into the UK’s Private Rented Sector (PRS) is seeing new developments provide far more that just a roof over occupants' heads. As more people in the UK opt, or are forced, to rent and the rented accommodation sector improves in tandem, so does the expectation of a good-quality offer.
Some of the best modern rented accommodation available today boasts a range of amenities, including onsite gyms, concierges, postal and parking facilities, retail, leisure and garden landscaping, allowing tenants a quality of lifestyle not previously associated with the rented sector.
Berkeley’s Kidbrooke Village, London SE3, above, for example, is an ongoing major regeneration project as a part of which M&G Real Estate is offering professionally managed, high-quality rented accommodation. We are finding the properties predominantly cater for young people aged between 18-35 who are usually looking to buy but can not afford to. Instead they rent for approximately 12-24 months while they continue saving, by which time they have grown accustomed to the amenities and management provided in their rented accommodation.
At the point where they are ready to buy, many renters choose to remain and invest in the same area, which is a testament to the success of new PRS developments and the management service received throughout their tenancy.
While buying a house might still be what most people aspire to, the standard of new PRS accommodation is shaking off the stigma associated with the rented sector. Nevertheless, though institutional landlords such as M&G Real Estate are setting a new standard for rented accommodation, there remains a chronic lack of good-quality housing and the Government needs to invest in the same way as the institutional landlords.