What BTR means for property development
In the property market BTR stands for Build-to-Rent. It’s used to describe residential developments consisting of units which are built to be rented out.
From the design and construction to amenities and management, everything about a BTR property is tailored to provide a premium rental experience—often including onsite gyms, bars, cinemas and lounge spaces.
Despite BTR being another initialism to add to our list, it really is that simple. There’s only a deeper meaning if you look for it, and we’ll come back to that later.
The ‘what is BTR?’ question is often followed by another. Namely, ‘so, what is PRS?’. While similar, PRS is more of a general term that could realistically cover most rented homes. Standing for Private Rental Sector, it could be used in reference to standalone houses or blocks of apartments, any property that’s privately owned up for rent. For the real estate market and residential developers, particularly those still looking for property development finance or investment, the rise of BTR means there’s a new way to fast-track, de-risk and safeguard a development. On the other hand, all PRS means for certain is that the building will eventually be rented.
For property developers, there are obvious benefits to partnering with a BTR firm, who will not only buy and contribute to the funding of the entire development, but also run it after completion. It means there will be no need for a developer to concern themselves with sales and marketing, as well as an assurance that the ongoing standards of their development will be nothing short of excellent. And that’s before going into the potential benefits for a tenant. BTR is a singular, focused offering. We think it’s an opportunity to shake off the stigma associated with PRS renting and offer something different, something more.
Here is the deeper meaning.
When we first launched Kooky, we did so under the PRS umbrella. While sensible and technically correct, we’ve come to think this was something of a mis-step. BTR is a different take on a traditional model and we totally relate to that. To us, going all in on BTR means we can rewrite the rules of residential developments and provide a better experience for both developers and tenants.
So, at Kooky we are totally committed to BTR. Committed to buying BTR developments from developers with unique purchasing methods. Committed to running BTR buildings, giving first class service. Committed to making Kooky the market leader and the best BTR brand in the UK.