Understanding the Model Of Build To Rent
Build-to-rent (BTR) apartments or properties are housing complexes designed, constructed, managed and maintained by developers. Apart from other property models, developers would not sell the housing units but retain their ownership. Thus they lease these homes to tenants and undertake substantial management as well as upkeep responsibilities. The new model of urban housing development requires a large level of facility management to deliver comprehensive benefits satisfying both investors and residents. It involves both tangible tasks such as physical maintenance, and intangible tasks such as customer service, planned preventative management, and security management that ensures definite safety and creates a guarded space for occupants.
Addressing On-time Maintenance and Repairs
Different from other properties, build to rent complexes often feature many convenient amenities that require a complex extent of maintenance such as BBQ areas, gyms, yoga studios, communal working spaces, gardens and cinemas. Without consistent maintenance and repairs for such amenities, the buildings may give renters a downgrading experience, diminish the level of safety and negatively impact the overall building performance and productivity.
Proactive maintenance practices, scheduling repairs, and managing vendor relationships are essential tasks that require on-time and thorough assistance from developers. You can execute some implementations within your operations to identify potential maintenance issues. It can be done by conducting regular inspections of amenities and equipment and developing a preventive maintenance schedule for key building systems.
Building a Sustainable Community
With the nature of high tenant turnover, building a community is a prioritising focus in multi-unit BTR properties, compared to a traditional residential property. It becomes a real challenge for developers to maintain a stable community since it emphasises more on the importance of connecting on a deeper emotional level and fostering a sense of belonging with tenants.
Here, acquiring an experienced build to rent management service provider like Connect Facilities becomes more handy than ever. With our expertise in the industry, our focal points focus on prompt and effective onboarding procedures for new renters and organising continual community-building activities.
The Impact of Economic Factors Is Huge
With the current significantly rising demand for rental properties in Australia, it is forecasted that up to 55,000 dedicated build-to-rent units will be built by 2030. Changing attitudes in renting houses has also been a key indicator that drives the market of BTR. However, the current financial state of higher interest rates emphasises the huge reduction in consumer income and affordability in terms of renting houses, proven by the notably slower rent growth of BTR projects.
Such financial insights offer BTR developments valuable leverage in proactively designing a range of unit sizes and amenities to cater to different income levels. Also, implementing flexible leasing options and promotional pricing during economic downturns seems more appealing to renters in recent financial situations.
If you experience those challenges in build to rent management complexes, don’t hesitate to partner with an experienced building management service provider today. Contact us to leverage your experience with the outstanding expertise and knowledge we offer in the field.