“How can owners compete in this changing market? We believe the answer is to make rental properties as welcoming and inviting and, most importantly, Instagrammable as possible,” says Jodie Wardell, BTR Manager at Hatch Interiors.
The survey by the Essex-based interiors firm showed that 82.6% of tenants currently rent from a landlord, but 40.8% of them want to move into a build-to-let development.
Some 59.8% of renters expect their accommodation to be furnished “to some extent”, although 88.4% of those wishing to move into a build-to-let program do not want a “home cookie-cutter”, expecting developments to use a different design. programs throughout, with 37.9% likely or very likely to choose a professionally designed location.
And 50% of renters want kitchen utensils included, while 54.7% expect cleaning supplies to be provided and 41.9% want the property to be well decorated. In addition, 38% of respondents want a concierge and 68.4% want outdoor space.
Those wanting to move into build-to-let projects demand a sense of community, with 42% wanting a wellness center like a gym or yoga studio, 31.4% wanting a communal workspace, 31, 3% wanting space to socialize and 33.7% saying having facilities to spend time with neighbors is appealing or very appealing.
Build-to-Rent growth is accelerating
Wardell says the growth of the build-to-let industry in the UK is “exponential”. “A large group of people – 40.8% – say if they were to rent it would be in a professionally managed build-to-let development and this is a number we expect to steadily increase over time” , she comments. “The figure is even higher for families at 43.9%. Meanwhile, 82.6% are currently renting from one owner, so it looks like those renters might be looking to jump ship if something better comes along. The way we use our homes changes as we get to know each other.”
“Digital nomads can work from anywhere, for one thing. After the heights of the pandemic, when we were all desperate to have a space outside of ourselves, 69.9% now say that if they had a common space, they want part of it to be outside.In our view, developers offering outdoor common areas and individual balconies are on the right track, as are landlords whose properties have gardens.
The survey of 1,000 people, aged 18-64, across the UK also found that of those who want to move into building to let, 32.5% want it to be ‘move-in ready’ and 37.9% want a place that is professionally designed, with these figures rising to 41.2% and 39.7% respectively for urban renters living in town.
“Consumers expect more, tenants expect more,” continues Wardell. “We have become a demanding society that votes with its feet. Building for rental has raised the bar and landlords must keep pace if they are to compete. Modern renters want more than mismatched furniture and a landlord who takes weeks to fix things! They want and expect beautiful homes and excellent service. Whichever side of the rental market an operator is on, they want to maximize their revenue. This means that properties are filled with minimal empty periods, people can pay rent and residents stay longer.
“Using our knowledge, we design programs that make empty properties feel like home and create impactful spaces that people are proud to live in. Hatch Interiors are market experts, we know what tenants want and we help property owners and developers get the return on investment they want.
The questionnaire revealed that 44% of respondents regularly or frequently used their home for FMH, with 82.8% considering it “a sanctuary” and 74.1% using it for much-appreciated family time.
An aesthetic house
Based on the results, Hatch Interiors says renters value the aesthetics of their homes, with an overwhelming majority of 70.4% of all respondents saying the overall interior design of their home is important or very important. In total, 29.7% of all renters surveyed agree or strongly agree that they want their home to be professionally designed by an interior designer. And 28.6% of all renters surveyed say they are willing to pay more rent for better quality furniture – and that figure rises to 36.9% for the most socially active people within this group.
Hatch Interiors’ bespoke design team have worked on high-end residential interior design and renovation projects in London and the South East, as well as with top developers such as Taylor Wimpey, Hill, Bellway and the Berkeley Group to create stylish show homes. Thanks to this success, Hatch Interiors now occupies a 51,000 square foot warehouse in Harlow, Essex, near the M25.
Hatch Interiors has over 20 years of industry experience and the extensive ability to create luxurious and unique interiors to meet your exact specifications. Its team of in-house designers are dedicated to creating bespoke interiors to suit your individual brief while skilled carpenters and upholsterers create exclusive furnishings to further enhance your project.
Wardell concludes, “Our award-winning interior design team works with private clients and leading commercial developers to create impactful spaces that people are proud to live in. Our thinking goes far beyond appearance. Visual of the project, we offer practical solutions to bring our clients’ ideas and dreams to life.From initial ideas to a beautiful contemporary finish, our designers help transform your space.
“Furniture collections are curated by our design team and are a practical and economical way to fully furnish a property. To be truly move-in ready, our turnkey solution gives tenants and owners everything, down to the details like bath towels, hand soap, kettle, cooking utensils, wall art and cutlery.