Manor Interiors, the expert in build-to-rent furnishing solutions, has revealed which major UK cities offer the best opportunities for build to rent developers based on the highest levels of apartment living vs the rest of the rental market. Build to rent is designed for people who are looking for a
Manor Interiors, the expert in build-to-rent furnishing solutions, has found that the vast majority of UK tenants have found themselves living with furniture that is unfit for purpose having moved into a furnished rental property. For many tenants, a furnished rental property is the preferable option as it saves a
BDC 319 : Aug 2024
Manor Interiors, the expert in build-to-rent furnishing solutions, has revealed which major UK cities offer the best opportunities for build to rent developers based on the highest levels of apartment living vs the rest of the rental market. Build to rent is designed for people who are looking for a modern way of life; city living with a focus on community and amenities. Therefore, UK cities where city-centre flat-living is already prevalent present the best opportunity for the BTR sector as they are already primed for a build to rent revolution. In the UK and on average, flats account for 64% of all properties currently available to rent, a national average that a good number of UK cities make look very small indeed. The city in which flats have the biggest rental market share is Edinburgh. Of 562 properties currently available for rent, 505, or 90%, are flats. This, therefore, suggests that flat-living is a key focus of demand for Edinburgh residents and presents a prime opportunity for the build to rent industry. Scotland’s second city, Glasgow, also comes second on the list as flats account for 89% of the properties currently available to rent in the city. Using Rentola Glasgow is sure way to find the best place to live. London is third with flats accounting for 88% of the 45,285 currently available rent, while in Newcastle, flats make up 79% of the market. Bournemouth currently has just 508 properties on the rental market and 385 of them, or 76% are flats, while in Manchester, flats account for 73% of the market. The rest of the UK cities in which flats have an above-average market share are Sheffield (68%), Bradford (67%), Nottingham (66%), Cardiff (65%), and Liverpool (64%). There are a number of UK cities in which flats have a below-average market share, most notably Leeds (39%), Swansea (43%), and Portsmouth (48%) – the only three cities where flats account for less than half of the rental market. CEO of Manor Interiors, Farhan Malik, commented: “Flat living is the clear choice for many city-dwellers and a high propensity for renting apartments means many of our major cities are already primed and ready for the build to rent to revolution. In some cases as many as 90% of all properties are flats and apartments, so the desire for urban living is clear and build to rent is helping to accommodate this demand with fit for purpose developments targeted towards the modern tenant. “Build to rent developments offer a step above the standards of your typical private rental flat, a step up in sophistication and quality and, perhaps most of all, a superior tenant experience. We expect the sector to continue to establish a strong foothold as it has already done in London in particular, and developers can be confident that demand will be high.” Table shows what % of the rental market flats account for in major UK cities, listed from highest % to lowest Location Total – rental properties Flats – rental properties Flat rental stock % Edinburgh 562 505 90% Glasgow 752 667 89% London 45,285 39,675 88% Newcastle 1,407 1,116 79% Bournemouth 508 385 76% Manchester 3,720 2,718 73% Sheffield 1,339 905 68% Bradford 340 227 67% Nottingham 1,985 1,304 66% Cardiff 841 549 65% Liverpool 1,805 1,148 64% Bristol 1,094 667 61% Leicester 2,162 1,269 59% Sunderland 527 292 55% Southampton 1,179 635 54% Birmingham 3,665 1,891 52% Portsmouth 1,081 524 48% Swansea 151 65 43% Leeds 3,030 1,172 39% United Kingdom 145,689 92,838 64% Source – Rightmove
Manor Interiors, the expert in build-to-rent furnishing solutions, has found that the vast majority of UK tenants have found themselves living with furniture that is unfit for purpose having moved into a furnished rental property. For many tenants, a furnished rental property is the preferable option as it saves a great deal of hassle on moving day, while others simply don’t own much furniture in the first place. In fact, previous research by Manor Interiors found that 66% of tenants would actually pay more to secure a well-furnished rental property, although the quality of the furniture was also an important factor. However, it seems as though landlords are letting themselves down in this respect, as Manor Interiors has now revealed that 59% of tenants found the items in their furnished rental property simply weren’t fit for purpose. When asked what the predominant reason was, the majority stated that the furniture supplied was cheap and of poor quality. Old and dated furniture was the next biggest issue with furnished rental home furniture, while the third biggest gripe for tenants was the fact that furniture was dirty or unhygienic – a worrying revelation in current COVID times. Some found that the furniture in their rental property was in disrepair, while comfort was also an issue for others. Luckily, furniture that was dangerous and could cause injury was the least most prominent issue, although some tenants still found it to be the case which is simply unacceptable. CEO of Manor Interiors, Farhan Malik, commented: “The modern-day tenant craves convenience and a furnished property will provide great appeal to the majority, who simply don’t want the arduous task of moving heavy furniture items in and out of rental properties every time they move. However, in this day and age and with rents as high as they are, they also expect a certain level of quality and so it’s simply not enough to fill a rental property with inadequate items of furniture. Unfortunately for most tenants, they won’t notice these furniture shortfalls until they have moved in and this can see them left with items that simply aren’t fit for purpose for the duration of their tenancy. It doesn’t matter if you own one buy-to-let, an extensive portfolio, or you’re looking to furnish a full build-to-rent development, quality, bespoke furniture can be secured for less than you might think. Any furnishing company worth their salt will be able to furnish or provide replacement items, within 24 to 48 hours and so there’s no excuse to leave a tenant high and dry.” Survey of 1,633 UK tenants carried out by Manor Interiors via consumer research platform Find Out Now (29th July 2021). Do you think the items supplied in furnished rental homes are fit for purpose? Answer Totals No 59% Yes 41% Why not? (Tick all that apply) Answer Totals Cheap/poor quality 26% Old/dated 23% Unhygienic/dirty/stained 20% In disrepair 14% Uncomfortable 11% Dangerous (e.g. could cause injury) 5% Find out more about Manor Interiors Facebook: Manor Interiors Mcr LinkedIn: Manor Interiors Mcr Ltd Twitter: @manorinteriors_ Pintrest: Manor interiors Instagram: manor_interiors Houzz: Manor Interiors We Chat ID: wxid_6ns3c5rp0cee12 WhatsApp: 07525815276 Website: https://manorinteriors.co.uk/ Landline: 0161 879 7137 Email: orders@manorinteriors.co.uk
