The Rise of the Rental Market
Published 27th May 2020

Why is it so important to create ‘building identity.’

Did you know that one in three millennials will never own their own home? This leaves a large proportion of the UK who have no choice but to stay in rented properties. Now that renting a property is a long-term commitment, there is an increasing number of young families and retired couples staying in rented accommodation. This means that the expectations of the customer have changed.

Tenants’ wants and expectations have changed when looking for their next apartment. Studies show that affordability and location are still top of the renters’ list. However, tenants now also look for desirable amenities too. These include areas such as gyms, indoor and outdoor communal spaces, cinema rooms and more.

A lot of developers have adapted to the new demand. However, they often look sterile and lack individuality and atmosphere. 69% of the rental market (Knight Frank Tenant Survey) say they can see themselves staying in their rental property for 3+ years, so it is vital that developers create a sense of community and atmosphere in their buildings. Failing to do this could see renters turning to competitors who offer a more stylish decor. 

This is why a company like Haymarket Management is so important to the rental industry. Creating engaging and inviting shared spaces differentiates one building from the next. 

If you would like to create some innovative and inviting spaces, get in touch with our team today!

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