HOUSING
October 2021 - January 2022
basis. You see the problem. Commercial office product is not called Built for Offices. Retirement living is not called Built for Old People. Recently the industry has started referring to off-theplan as Built to Sell, merely to help differentiate it from BTR. ‘Build to Rent’ is not a consumer-facing brand, it is an industry descriptor or jargon that fails to deliver convenience and clarity for the public, also known as the target audience. The property industry is fixated on talking about BTR as a ‘property category’, but this doesn’t translate to or resonate with potential residents who, at the end of the day, just want a better living solution. So how do we reposition the sector so it offers clarity
and attracts the sort of public attention that has made it so successful in the US and UK? One decisive and effective way would be to rename BTR for the benefit of its audience, rather than for the convenience of the property industry. If we want BTR to succeed, then it’s vital we clearly position it to resonate with the public, thereby increasing market traction. The new name needs to emphasise the delivery of services and tenant experience over the product sector. A better way to describe this compelling residential solution would be ‘Renting with Benefits’ or ‘Renting Made Better’. What if BTR changed its name to ‘Rent by Design’ or ‘Rent2Live’? ‘Rent2Live’
plays on the notion that people work to live, not live to work. Rent so you can LIVE and not get bogged down with huge mortgages and household maintenance. This is particularly relevant to a Millennial audience, 66 per cent of whom say they will never be able to purchase a home in a location they actually like. We’re also seeing a structural shift away from ownership amongst younger generations, part of a trend towards a share economy. The result could be a generation who don’t rely on home ownership as wealth creation. Instead they will rent where they want to live, using mortgage savings to invest in other asset classes. Demand will also rise for this residential option as
people find themselves increasingly more isolated and therefore in need of social connection (a situation accelerated during the past 18 months). BTR can deliver a sense of belonging and connection through shared amenity spaces and resident community engagement. Studies show that residents with friends in the same building are more likely to stay on a long-term basis, which is why supplying facilities and programming that help build community spirit are so important to this flourishing business model. Ultimately, we need to work harder to engage the audience who really matter: the people who will live in these apartments.
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