Posted: 15th September
There has undoubtedly been a boom in the private rented sector (PRS) over recent years and virtually all predictions say that it will continue for the foreseeable future. In fact, forecasts are indicating that it will likely grow by at least 20% over the next five years!
The housing crisis, aligned with various political, economic and social drivers, are behind this surge. Affordability and availability of housing predominantly in the cities are resulting in PRS schemes being delivered in abundance.
Interestingly, as this sector matures, requirements are starting to change. What started off as simple flats with perhaps concierge have developed, with the provision of gyms, cinemas, central meeting areas and even office space now being factored in. Undoubtedly the homes for future generations will be remarkably different from what we know today, with the desire for home ownership by individuals perhaps a thing of the past. No doubt PRS has created the biggest shift in housing ownership that we have seen for many decades.
Institutional Investors, Developers, Housing Associations and Local Authorities can all be involved as the financial model has proven to work for each. At RLF we have worked on schemes for each and our expertise is continuing to grow in this area.