The built-to-rent model has created an exciting stir in the property market. Unlike private apartments, built-to-rent apartments are designed specifically for renters. These properties are equipped with modern furnishings, resort-style amenities and purpose-built communal areas for tenants to enjoy. BTR apartments also come with their own site managers who take care of general maintenance.
So, what are the benefits of built-to-rent? And how is it different from private renting?
Discover the perks of Lateral
Live like you’re on holiday in Lateral. All apartments are designed with your convenience, comfort and lifestyle in mind. With modern finishes, spacious communal areas and the flexibility to live how you choose, Lateral is quickly becoming a popular choice for renters. Find out more about these amazing apartments HERE.
What is built-to-rent?
As mentioned, built-to-rent apartments are designed specifically for renters and come with a range of perks that enhance the lifestyles of tenants. A rooftop area, a New York-style gym, communal bbq areas and a Work From Home Hub are just some of the perks of living at Lateral.
Why are people are choosing built-to-rent apartments?
BTR apartments are ideal for people wanting long term rentals without the weight of a mortgage. Tenants can enjoy modern amenities in areas that they would otherwise not be able to afford. The community vibe of BTR apartments is another attractive offering. Singles and families who enjoy a sense of community can enjoy purpose-built communal areas.
Probably the biggest benefit of BTR is the standard of living that is often not up to par in some private rental properties. These developments are designed to address the issue of private landlords, sometimes, charging more than they should for rental properties or failing to maintain the property for their tenants.
Read our latest blog on why young Australians are choosing to live in built-to-rent apartments
The Challenges of Private Renting
Unaffordable rent
Sydney in particular is known for its exorbitant rental prices. For working professionals who work in the city, renting an apartment in or near the city is often not an option. BTR apartments give people an opportunity to live close to the city without the city-rental prices.
Supply
Property vacancies are declining in Australian capital cities. BTR is the answer to the property supply shortage. Lateral has a collection of developments that can accommodate over 300 people per complex.
Lack of Community Spirit
Private renting can limit the amount of social interaction in your neighbourhood. BTR apartments on the other hand offer fabulous communal areas that allow you to connect with your neighbours.
Fear of eviction
We’ve all been there. Well, some of us have. Your private landlord has decided to move back in, or sell their property. You’re left in the lurch and need to find a new place to live. Unlike private renting, BTR has a lot more security than private renting.
Property conditions or maintenance
Private properties don’t always meet government standards. Many tenants face the issue of poorly maintained homes that they have to live in. BTR apartments have on-site managers who are on call to take care of any property maintenance you require.
Power imbalance
Very often, there seems to be a power imbalance between tenant and landlord. BTR renting empowers you to feel comfortable to ask when you need assistance to improve your living circumstances.
Lack of knowledge
Tenant rights. Do you know what these are? Many people don’t and some private landlords do not make that information readily available. BTR apartments are fully transparent with tenant rights and responsibilities and make these known to you.
Live your best life at Lateral
Lateral offers tenants flexible long term tenancies in modern-urban resort-style apartments that you can make your own! Register your interest today.
