«Breaking News» What is build-to-rent? We look at the new development in Wembley Park

Renting often receives a bad reputation when rogue landlords or managing agents are involved, and tenants don't receive value for money.  

But a new development in North London hopes to redress the balance, offering tenants homes in purpose-built rental blocks of flats that include a host of benefits.

These include the utilities bills and broadband in the price, no deposit, and a concierge.

Other factors that may appeal to tenants include being able to bring your pet along to live with you - although you'd need to pay an extra amount every month for doing so, with costs varying from £50 a month for a dog, £30 a month for a cat or £50 a month for two cats.

Build-to-Rent in North London: Tenants get to enjoy a host of benefits including no deposit

The development is a so-called 'Build-to-Rent' one, made for the sole purpose of renting out the flats. None of the properties are available to buy on a Build-to-Rent site.

A Build-to-Rent development also tends to be only managed by one single landlord, although developers can sell part of the site to another landlord.

It is thought that Build-to-Rent may one day fill the void in available rental properties that has been left by landlords quitting the sector following a raft of regulatory and tax changes they have endured. 

The Build-to-Rent scheme in Wembley Park is being built by Quintain and then managed by its subsidiary Tipi, which describes itself as a 'mid-market option' for tenants. 

Tipi is only active in Wembley Park at present, with the first buildings on the site opened in early 2016.

It makes no apologies for the standard of its facilities and that it charges a premium for having them. 

This includes an app enabling tenants to choose for their flat to be cleaned at the touch of a button.

Communal lounge areas close to the entrance come with kitchenettes and Sky television, while there is even a gym and screening room.

Rental prices range from £1,450 for a studio measuring 419 square feet, which is just over a sixth of the 2,808 sq ft size of a tennis court.

The new development run by Tipi is next to Wembley Stadium in North London

A three-bedroom flat covering 968 sq ft costs £3,125 and includes utility bills and broadband

A one-bedroom flat covering 559 sq ft costs £1,590. This depends on the block of flats as there are currently three different ones located at the Wembley Park development and prices are higher in the others.

A two-bedroom covering 731 sq ft costs £1,900 and a three bed covering 968 sq ft costs £2,641. 

Again, this depends on which site a tenant chooses with the block of flats called Landsby having the highest rental costs.

A three-bedroom flat covering 968 sq ft at Landsby costs £3,125, and includes two bathrooms and a view of Wembley Stadium.

It compares to the average rent of £1,237 for a one-bedroom flat, £1,588 for a two-bedroom flat and £2,033 for a three-bedroom flat, across the whole of Wembley Park, according to property website Zoopla. 

Residents have an average salary of £40,000 and can have their pets live in the flats with them, for an extra fee

Who can afford to rent the flats? 

Tipi claims that its typical tenant has an annual salary of £40,000, which equates to take-home pay around £2,550 a month.

It is perhaps unsurprising therefore that Tipi also acknowledges that most flats are shared, as it would be virtually impossible to afford any but the smallest flats on this single salary.

It means the average household income for just two people sharing would be £80,000.  

The developer is planning on demand for shared rental homes rising in this part of the capital, with 550 flats already completed and a total of 5,000 being built at its Wembley Park site by 2027.

Rental benefits: Some of the apartments have a view of Wembley Stadium

What does Tipi charge for at the end of a tenancy?

An inventory is carried out at the start of the tenancy and residents are asked to leave the properties 'domestically clean' on departure, meaning it does not insist on a professional deep clean to be paid for.

There is no deposit paid at the start of the tenancy and residents are required to pay for any damage they cause that is beyond wear and tear.

Tipi says there is a fine line between what is considered to be damage or not.

Generally speaking, it told us that it will not charge for small scratches or marks on the walls, and if there is a large stain in the middle of a carpet, then it will ask for a contribution rather than the full cost of replacing it.

Rajesh Shah, managing director of Tipi, said: 'Damage has to be clarified as "beyond reasonable wear and tear". 

However, this is so subjective and Tipi are generous to a fault because we have such an army of onsite contractors and maintenance support, led by the residents team.'

When pushed, he added: 'I think the Oxford English Dictionary definition of damage which is 'physical harm that inhibits normal function' would be considered damage that we would look for assistance from our residents in rectifying.'

Build-to-rent

Purpose-built rental home blocks are common in other countries, especially in countries such as Germany, France and the US.

Another example is in the East Village, Stratford in the site of the former Olympics athletes quarter, turned into 3,000 homes. 

The sector has expanded throughout England, with nearly 100,000 build-to-rent homes completed, or planned, according to figures last year. 

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Link hienalouca.com

https://hienalouca.com/2019/03/01/what-is-build-to-rent-we-look-at-the-new-development-in-wembley-park/
Main photo article Renting often receives a bad reputation when rogue landlords or managing agents are involved, and tenants don’t receive value for money.  
But a new development in North London hopes to redress the balance, offering tenants homes in purpose-built rental blocks of flats that include a host o...

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