The emergence of a Build to Rent model: The role of narratives and discourses

Frances Brill,Daniel Durrant

doi:10.1177/0308518x20969417

Abstract

This paper analyses ‘Build to Rent’ (BTR), a new form of tenure in London’s housing market. We examine the ways in which private and public sector actors have shaped the context of BTR’s emergence, and developed a model for delivery in London. We argue they relied on and constructed narratives of negativity about the private rental sector, which were juxtaposed with their product to position BTR as a solution to part of London’s housing crisis. Building on this, and leveraging an emerging but supportive institutional context, real estate professionals have adapted a US model to the UK. We argue that both the narrative-generating activities and the model development reveal tensions, which help theorise the ways new models of financing housing emerge.

Highlights

IntroductionBuild to Rent (BTR), a new form of housing tenure, which we argue is positioned by real estate professionals as one (possible) solution to problems in the private rental sector (PRS)
The framing of urban problems is generative (Scho€n and Rein, 1994), often pairing problems and solutions in a way that favours the desired outcomes of those with power
Build to Rent (BTR), a new form of housing tenure, which we argue is positioned by real estate professionals as one solution to problems in the private rental sector (PRS)

Summary

Introduction

Build to Rent (BTR), a new form of housing tenure, which we argue is positioned by real estate professionals as one (possible) solution to problems in the PRS. “we wanted to get into the build to rent sector because we saw that it was an area of the market that if you look right across the real estate spectrum, it had the most ability to scale up and it had some really good characteristics that we felt gave it very strong downside protection” (Investor 7) These actors’ portfolios contain a broad range of assets, and within their real estate funds typically concentrate on commercial property but have shifted to what they term ‘living’, which includes student housing, housing for the elderly ( not with social care) and BTR. Interviewees reflected that the rapid ascendance of BTR as a market had resulted in them setting up new BTR-specific income funds over the last two years

Methods

Findings

Conclusion