By Long Harbour's MD of Multifamily, Rebecca Taylor: The private sector can pave the way for improved practices across the development industry.
Earlier this week, I spoke on an industry panel to discuss the inaugural Quality of Life Foundation report on the social impact of build to rent (BTR) housing in the UK, published by the British Property Federation in collaboration with the Association for Rental Living. The report represents an important milestone in understanding how BTR developments can not only address the UK’s housing shortage but also enhance quality of life and community cohesion.
Following a societal shift towards prioritising mental health and wellbeing, things which were once the bells-and-whistles of BTR now need to be integrated into the broader social fabric of these neighbourhoods. According to the report, 82% of BTR residents reported that their homes positively impact their health and wellbeing, with standout features including communal areas, the professional management of their homes and, importantly, green open spaces.
To that latter point, many often associate BTR amenities with state-of-the-art gyms, co-working spaces and concierges. Whilst these things form a core part of the BTR offering, the sector must begin to emphasise the importance of delivering and maintaining green spaces in BTR properties for the long-term, where possible. The delivery of green spaces and the long term stewardship of these should also be reflected in the valuation of an asset, just as other amenities are.
The majority of survey respondents in the report recognised that the provision of high-quality green space in and around a development has a positive impact on health and wellbeing, reducing stress and improving concentration. While this is not always possible when delivering only abuilding rather than a whole regeneration scheme, changing certain aspects such as the design of podium areas or ground floor public spaces has tangible benefits.
For instance, increasing the greening factor with automatic watering systems is one simple approach that we adopted at our assets in Tottenham Hale. Our S106 contributions have been put to good use in the upgrade of the nearby Down Lane Park with a new path, wildflower swales, a shaded woodland area and a brand-new outdoor gym. Both initiatives will help to improve air quality, carbon storage and limits on the impact of heatwaves by reducing urban temperatures.
Beyond benefitting just their own residents, build to rent providers also have a role to play in giving back to surrounding communities by providing high quality, sustainable communal public spaces within schemes and investing in local charities to ensure that the overall development is having a positive impact on the neighbourhood.
At Long Harbour, we invest in hyper local charities via our operational partner Way of Life’s Community Life programme, connecting residents, staff and local communities. This encourages a sense of community spirit and spotlights grassroot organisations. Inspired by the idea of ‘offsetting ’,like you would on a flight or car journey, residents are encouraged to donate to grassroot initiatives on a monthly basis alongside their rent. For example, we have worked with the Bromley by Bow Centre, located near to our Riverstone Heights property. This bespoke offering is just one example of how BTR residents across the UK can meaningfully contribute to the wider community.
As buying becomes more unaffordable for many, the report highlights that people across the UK are searching for longer-term rental options, which BTR can provide. Given this trend, if settling down and raising families is to become more commonplace in rental properties, BTR must make amenities their focal point to attract a diverse range of renters looking for convenient and cohesive communities.
The Quality of Life report is the first survey of its kind in the BTR sector and has generated a strong base of data we must use to inform our contributions to easing the housing crisis. Although BTR is by no means the solution, it does play a critical role with the emergence of both single family and multifamily forming a large part of housing delivery.
The private sector can pave the way for improved practices across the development industry, focusing on a broader range of amenities rather than those which are assumed, to simultaneously tackle the UK’s housing and health crises.