There is currently a total of 148,046 build-to-rent homes complete, under construction or in planning across the UK, a 20% increase compared with last year, according to The British Property Federation (BPF).
The research by BPF also shows that the number of completed units rose by 31%. In addition, according to results by estate agents, Savills UK, build-to-rent houses has grown this year, with the number of units in planning increasing by 23% to 77,446.
The average size of building these houses is on the rise, as in 2019, the average size of each completed house was “133 units which have increased to 245 units for the schemes under construction”, whilst the average size of schemes in the planning system is at 325 units.
The report also shows that geographically, the growth of the sector is apparent in London and the regions, with both areas seeing a growth of 20%. The number of build-to-rent houses in London is at over 63,000 whereas, in the regions, the number sits at just over 60,000.
Ian Fletcher, director of real estate policy at the British Property Federation said: “The build-to-rent sector continues to attract investment and deliver much-needed homes.
“Right across the country, we are seeing growth in the sector, allowing people to access high quality, institutionally-managed rental properties.
He added: “With both Labour and the Conservatives prioritising house-building during their recent party conferences, our data shows build-to-rent is making an important contribution to housing delivery and often on difficult to develop and large urban sites.”
Director of Savills Residential Research said: “As individual households increasingly cannot afford to access the housing market, particularly once help to buy is withdrawn, so the demand for quality rented homes the sector provides will rise.
“Built-to-rent already makes a significant contribution to housing delivery, and we project this will increase to one in five new homes as more and more people rely on renting.”