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A new lease of life...
Welcome to a new lease of life, a sub-series of the devcast… podcast, where you’ll be learning how experts of the Build to Rent, PRS, student accommodation and retirement living sectors climbed the ladder of their professions.
Hosted by Nick Hammond, Head of Build to Rent at deverellsmith, our guest in the studio this episode is Richard Berridge, CEO of the UK Single-Family Association.
An original thinking and thought leader, he questions convention and isn’t afraid to ask the big questions. Richard is a highly experienced residential property expert, and since his first appearance on a new lease of life, he has founded the UK Single Family Association, a not-for-profit members organisation, representing the whole housing and construction spectrum.
He talks about what sets the single-family rental market apart from the rest of Build to Rent, why he set up his new organisation and their mission for the future.
Read a snippet of what was discussed below or listen to the full podcast episode now! Listen now...
Breaking down Build to Rent...
Richard kicks off the podcast delving into the newest numbers detailing the extent of the Build to Rent market. As per data from the British Property Federation (BPF) and Savills, approximately 90,000 units fall under the Build to Rent category, with 80,000 of these categorised as multifamily and the remaining 10,000 as single-family rental homes. Consequently, the single-family sector remains comparatively diminutive in size.
So... what sets single-family apart from the rest?
During Covid, Richard discovered one of the most significant advantages of this aspect within Build to Rent. It became apparent that people could secure more space at a lower cost, complete with private outdoor areas—a crucial aspect of the surge in remote work. Richard notes the slower uptake of single-family compared to multifamily could be linked to market trends and a tendency to follow the crowd. However, he highlights a shift occurring as people recognise the worth of single-family rentals. The flexibility to construct such homes nationwide could profoundly influence housing across the entire country, a scope not matched by multifamily units concentrated in city centres.
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