BtR schemes have to be tailored to location and target demographic. You really have to know your market and who you’re designing for. For example, developments in quieter areas are more likely to attract older tenants, while town-centre schemes with good transport links, bars and cafés will probably appeal to younger renters. You can then determine expectations for amenities, services and furnishings.
Student populations, for example, will place less value on high-end interiors and more value on things like bike storage, communal space and fitness facilities. Are you targeting ‘empty nesters’, for whom convenience and ease-of-access is key, or house-sharers, who will need a balance of communal and private space?
If a development is out of town, access to greenspace and city centres will likely be key criteria for prospective tenants, so you need to think about how you can ensure your development successfully targets those aspirations? It’s all about ensuring a scheme is unique and relevant to its catchment and locality.
Careful consideration of building design and management is also critical. From apartment layout to the lifecycle of materials, there’s a whole range of design elements that will determine the success of a scheme. Off-site modular construction, for example, allows for high-quality development and reduces maintenance costs over the long term.