Build-to-rent homes are designed, constructed and managed specifically for people renting. They aim to redefine the entire experience of renting a home.
Build-to-rent apartment developments have a range of in-house luxury conveniences, most of them included in the rent.
On top of stylish furnishing, there are gyms, cinemas, communal chill-out zones and gardens, concierge services and even in-house baristas for your pre-work flat white at no extra cost.
Build-to-rent developments are professionally managed and they offer flexible renting terms, allowing residents to extend or reduce their lease easily.
Initially build-to-rent apartments were concentrated in London, but now they are becoming more widely available in other cities.
How popular are build-to-rent apartments?
Business is booming in the build-to-rent sector. Initially seen as niche, it's now booming, with developments springing up in cities across the country.
In 2021 alone, 237,000 build to rent homes were completed, started or in planning, according to the British Property Federation.
And record numbers of local authorities - 45% - had build-to-rent developments in the pipeline.
A combination of rising demand for rented accommodation and changes to government policy, including planning permission requirements, are behind the rapid surge in build-to-rent developments.
What are the positives of living in a build-to-rent?
The apartment buildings are purpose-built with impressive facilities and they enable renters to become instantly part of a community of fellow professionals who love stylish living.
Build-to-rent schemes tend to be big - from 100 to 300 homes in each development.
Build-to-rent offers more flexible tenancies than the standard 12-month contracts offered when renting privately, while the professional management behind the developments mean there is a service-led culture and any problems or maintenance issues are quickly fixed.
Other advantages include the fact that many of the buildings are pet friendly, while some offer a package rate that includes rent, utilities and wi-fi, making monthly budgeting easier.
The main downside of build-to-rent is cost. These high-spec flats and extra facilities don't come at bargain rates when compared with traditional rented homes in the same area.
That said, there is a percentage of affordable housing included in each development. Local councils and student housing organisations are also behind some developments.
Most build-to-rent homes are apartments only, so less attractive to families with young children. But more high-spec houses are beginning to become available.