With the residential rental sector attracting more investors than ever before the first cross-industry organisation dedicated to driving the professionalism in the sector has been launched.
The UK Apartment Association (UKAA) said it will focus on driving up standards of customer service and delivery to ensure that all renters are given the best possible experience.
Its creation has been championed by Housing Minister Brandon Lewis, who is calling on the industry to work together to deliver more homes for rent and better standards for tenants.
The UKAA aims to differentiate the multi-family housing market from the amateur ad hoc rental service provided by small scale landlords that currently make up the bulk of rentals.
‘I want to see the private rented sector respond to the nation’s housing needs by providing new forms of supply and improved quality and choice,’ said Lewis.
‘I welcome the UKAA as a body that can help build the capabilities of the build to rent sector in this country, bringing together the needs of private renters with the institutional capital that wants to invest in meeting their demands,’ he added.
With more than nine million renters in the UK and vast potential for that number to grow, there is a huge opportunity for build to rent developments as an institutional asset class. In recent months alone, the number of developers and investors committing to projects has risen but there is still a distance to go before renting becomes the professional, service led industry backed by large institutional investors that it is in the United States.
As the first international partner of the US-based National Apartment Association (NAA), the UKAA will benefit from the experience of the US multi-family industry. A federation of nearly 170 state and local affiliates, NAA encompasses over 69,000 members representing more than 8.1 million apartment homes throughout the United States and Canada.
‘The NAA is eager to bring industry training, best practices and networking opportunities to the UK. In addition, our US members are increasingly seeing opportunities for global growth and are looking to NAA for guidance when entering a new market. Our partnership with UKAA will be invaluable to our association as we address the growing need for a global rental housing industry,’ said Doug Culkin, president and chief executive officer of the NAA.
As well as providing a valuable platform for the industry, the UKAA aims to lead educational training, customer service delivery, study tours and provide a suppliers’ forum, market data and a range of resources.
A growing number of high profile companies and professionals from across the sector have already signed up as members including Atlas, Hermes, Greystar, Manchester Life and Savills with suppliers including Roomservice by CORT and Yardi.
The UKAA is working in conjunction with all of the other industry bodies and is in the process of establishing regional branches, which are so far under way in Manchester and Scotland.
‘This evolution of the rental sector is creating some interesting dynamics and raising many questions about what renting in the UK should and will look like. There is clearly a case for using the extensive experience gained by the US and working together to create a more professional market to ultimately give renters a better service,’ said founder of the UKAA and chairman of Chainbow, Roger Southam.
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