By Mark Davis, Creative Director, me&dave
The build-to-rent (BTR) sector is hotting up. With more than 140,000 BTR units either completed or planned across the UK, and a Savills’ Sky’s The Limit report stating that the sector looks set to grow to around £550bn, perhaps it’s time for property developers to start thinking hard about how to resonate with and inspire prospective consumers on a meaningful, aspirational level.
If they want to stand out in a flourishing landscape, they need to employ brand-inspired strategic thinking and tap into the consumer psyche.
Match your home with your lifestyle
For many people, especially among the younger generations, homeownership is not a realistic goal. Gen Z and Millennials, particularly, are increasingly embracing more transient lifestyles – they’re travelling more, making frequent job changes and working remotely. Life’s becoming more flexible – and a flexible lifestyle often necessitates a more adaptable living situation, too. This consumer group isn’t so hung up on mapping out the future in such a prescriptive way. Hefty deposit followed by a mortgage on a fixer-upper? No thanks, there are other, more freeing routes available.
BTR needs to be clear on what’s available in order to inspire excitement. Renting is no longer a stopgap to owning; BTR schemes have given the rental sector a facelift, offering an appealing lifestyle in one monthly package. And because that story hasn’t been told before, developers have a real opportunity on their hands to use branding to capture the attention of potential tenants seeking convenient, flexible lifestyles.
We stream music on Spotify, watch our favourite shows and films on Netflix, rent furniture, and buy our devices on hire purchase. So it stands to reason that renting in the BTR space should tap into this new ‘subscription lifestyle’ mentality.
BTR schemes are like members’ clubs. They offer the opportunity for people to come together. It’s about making people feel special, like they’re part of something exciting, communal, new. Add to that cinemas, clubs, cafés and concierge services and you’ve got a proposition that needs to be celebrated boldly and proudly, not bullet-pointed on a dull amenities list provided by the landlord.
Show them what you’ve got
This is where strategic and creative branding comes in. It’s about what life will ‘feel’ like in these spaces, not just square footage and great fixtures and fittings.
To maximise take-up, developers and investors must fully ‘get’ their potential tenants and make an emotional connection. What do they want? How do they aspire to live? With the right brand messaging and storytelling, there’s an opportunity to hit home with the right people and take renting to the next level. It’s happening already.
Recently, DTZ Investors asked us to create a brand for its BTR development in Manchester, Anco&co. It offers tenants city-centre, ready-to-live, fully furnished one- and two-bedroom apartments with lifestyle-boosting amenities.
We knew our branding had to grab the attention of potential tenants and get across that Anco&co is a game changer. We worked with DTZ Investors to devise an innovative strategy that would celebrate Anco&co’s disruptive approach to renting and praise the advantages of BTR’s ‘hotel-style’ living. It was about reframing renting as being like belonging to a members’ club.
Same story, different home
Of course, there will always be a divide in the renting vs homeownership opinion. And it’s important to acknowledge that BTR schemes aren’t for everyone. But for a younger generation who have lived through student accommodation and co-living, BTR schemes are a natural progression into the lifestyle of a young professional.
But, at times, developers seem content to offer similar versions of the same thing – a cookie-cutter style of marketing with no one voice shouting louder than the other. But there’s a big opportunity to address that here and make a real difference. The way we rent is changing – let’s celebrate that!