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PRS (Private Rented Sector) also known as the Build-to-rent sector is currently the hot topic and has grown considerably in the UK in recent years. So much so that this sector now accounts for over 16.5% of the UK market. This platform for investment has seen a huge increase in new build property being built in the UK.
Based on the model of retaining tenants with long term lets, the key is to attract tenants by offering a life-style setting that is both attractive and functional. Hopefully the end result gives the tenant no need to move elsewhere. Added amenities such as a concierge are part of the PRS life-style formula and this is where PRS distinguishes itself from the Build for Sale sector. Other types of life-style facilities can include workspaces, communal roof terraces and gyms. Additional income can be generated from these facilities, although the prime objective is the contribution they make to giving the development a community feeling. Furnishing of such schemes is very important. Tenants expect a high quality product that has the aesthetic they look for and also robustness.
Tenants who feel they are part of a community tend to stay longer. This in turn reduces the risk of rent voids, which have a negative impact on net operating income. Studies show that people who know one other person in a building are 75% more likely to renew their tenancy. For people who know two other people this rises to a staggering 90%. Community is key, and this has been proven.
View one of our PRS furnishing case studies here.
Contact us to find out more about how Furnish That Room can help you deliver your PRS scheme.
View PRS quality example packages below………
Volume installations have been our specialist area since the company was setup back in 2004. We believe that over the past decade our knowledge and understanding in this industry in how to source, procure and supply large volumes of furniture for property furnishing is second to none. Our experience in understanding exactly what is required to get the job done on time and with the correct product is why we are still used by the same clients since our inception.
Rest assured, we have the team and strength in depth to provide a trouble free solution wherever we are contracted to do our work. We cover the whole of the UK and provide a service second to none when it comes to the process of furnishing in volume on large developments. We can work pre or post PC (all our fitters are CSCS card holders and we also have SSSTS levels too) and have a qualified and experienced team to handle whatever is thrown at us. We can come in at any stage of the job whenever and wherever required.
We are confident that our business model enables us to offer the most cost effective service in the UK for furnishing PRS schemes. For the style and quality of product we provide we feel we cannot be beaten on price, service and aftercare. We can also offer extended warranties on everything we provide if required. The long term nature of PRS from an investor point of view does edge towards a longer exit route from investment. This is why we do our best to provide piece of mind that what we provide is fit for purpose.
Time and time again we deliver. Simple as that. We design our packages to budget whilst keeping a keen eye on the aesthetic and equally the robustness of what we provide. The product has to be right for the area its going into from a spacial point of view but it also has to appeal to as a wide a demographic as possible. Our job is to help you achieve full occupancy and we promise to provide a solution that delivers exactly that.