Build To Rent operator and long-term volume landlord organisation Grainger says it is pioneering five-year leases “in a bid to overhaul the poor reputation of the rental market and make it easier for families with children.”
It says more than 37 per cent of private renters are families, according to research from the English Housing Survey, up from 29 per cent a decade ago.
The FTSE 250-listed company is investing £850m creating BTR schemes which it describes as being similar to the garden communities available to renters in North America.
Grainger has 9,000 homes across cities including London, Birmingham and Manchester.
It says two of its latest schemes in London and Portsmouth cater for renters and particularly families in different ways.
In London, Argo Apartments, the new 134-home development in Canning Town is offering a range of services to make life easier for time-poor families. A partnership with LaundryRepublic is offering customers access to a laundry service. Residents also have access to a gym, with virtual fitness yoga and spin classes available. There’s also a 24-hour concierge.
The 104-home Berewood development in Waterlooville, Hampshire has 80 three and four bedroom houses for rent as well as more customary one and two-bedroom rental apartments.
In addition to this, Grainger is offering flexible tenancies up to five years, with what it calls “no hidden fees and transparent yearly rent reviews, providing the stability and security that is often lacking with typical rental contracts.”
“Many people see renting as a tenure of last resort and we want to change that by offering certainty, service and quality. As a long-term investor, we can take a long-term view – which is not the same as many amateur buy-to-let landlords whose situation could change at any time” says Grainger’s customer operations director Anish Thobhani.
“Many people wouldn’t think twice about leasing a car these days because of the excellent service and fully inclusive offers you get. We want to replicate this with home rental. That’s why we’re delighted to offer five-year tenancies and it’s why we’re focused on a great service to the widest local mid-market demand.”