As build to rent (BTR) and single-family housing (SFH) continue to flourish in the UK, this year’s HomeViews report gives us our annual glimpse into the performance of developments up and down the UK – informed entirely by resident reviews.
With increasing numbers of residents flocking to BTR developments, HomeViews shows the fantastic level of service and facilities that is driving this impressive growth. Not only this, but it also gives those of us in the industry an unrivalled view into what matters most to residents and how developments might improve their offering to ensure they stand out in an increasingly crowded marketplace.
Why Reviews Matter
Reviews and ratings are arguably more important today than they have been at any other point in time. This is particularly true of 18-34 year olds who make up much of BTR’s primary demographic. According to Forbes, 91% of 18-34 year old consumers trust online reviews as much as personal recommendations.
BTR developments must take these reviews seriously and use them to inform how they can improve their services, facilities and homes they deliver to their residents.
The Importance of Technology
For a third year in a row, developments using Yardi’s BTR software were rated higher by residents in every review category as opposed to developments not using the software.
Yardi’s purpose built BTR software provides operators with a single connected solution for property management. It integrates everything from marketing websites, online applications, CRM and leasing, accounting, procurement management, facility and maintenance management, a branded resident app and much more.
Yardi’s end-to-end solution is being used by some of the largest and most successful BTR developments in the UK. It is specifically designed to automate processes and streamline activities allowing for optimal operational efficiency and ultimately an improved resident experience.
This correlation between the use of purpose built software and successful property management highlights the value residents place upon a seamless experience, from booking a viewing and signing a contract all the way to accessing services and amenities once living in the development.
The Importance of Scale and Operational Efficiency
Beyond the importance of good technology for the successful running of BTR developments, the report also gave valuable insights into other market trends.
The trend from last year continues of larger operators with more than 3,000 units ranking higher in key areas than smaller operators. This highlights the importance of scale in BTR when it comes to successful operations. With ‘value’ consistently ranking the lowest of all areas covered, operators need to ensure areas such as management and customer service are as good as possible. Larger operators using Yardi’s integrated solution can automate transactional tasks and allow operators to provide a better and more personal service, which is reflected in their resident reviews.
The general outlook was overwhelmingly positive, with BTR residents rating their homes higher than previous years. This shows how the maturing industry in the UK is leading to a better product. In addition, audiences in the UK are becoming increasingly aware of BTR as a concept. Most importantly, 28% of consumers found the concept appealing once they were informed of it. Together, this shows that an improving product and growing awareness signals positive growth for the future of BTR in the UK.
Looking to the Future
The general theme of this year’s HomeViews report was overwhelming positivity. Despite economic hardships, BTR continues to be an attractive proposition to renters, and the product keeps going from strength to strength as the market matures.
Another theme that has continued throughout the years is the importance of technology when it comes to success in BTR. We have seen that the top performers are consistently the largest providers, showing that scale is key to success – and that comes down to streamlining processes and delivering consistency when it comes to resident experiences.
As a company, we are thrilled to support the BTR sector and take great pride in seeing the positive reviews from residents. Developments using Yardi being ranked higher by residents in all categories surveyed highlights the continued innovation of Yardi’s BTR software and the tangible effect it has on resident satisfaction.
See the full story in the HomeViews 2024 National Build to Rent Report