Marketing the Private Rental Sector | What does 2020 hold?
There are undoubtedly some big opportunities within the PRS sector in 2020.
Here, we look at some of the key market trends and consider the role of Branding & Marketing in maximising the social and economic returns of development projects.
Build to rent housing has seen big growth in the North West and particularly in Manchester. Towns such as Bolton have had huge investments and other areas such as Oldham, Rochdale, Stockport, Macclesfield and other towns earmarked for major development.
The market is maturing with a particular focus in mixed-use and retirement properties. ‘Mixed-use’ can be defined as one site, often funded by the same investor which might include a hotel, leisure facilities and office space, in addition to housing.
This approach represents a kind of ecosystem, where a range of facilities, uses, and demographics interact with one another to create a more complete place designed to meet lifestyle needs. If done well, this encourages longer-term tenancies and sustainable living space.
People expect high standards, not only in build quality and environmental considerations but also in the features that support their lifestyle needs.
The marketing of destinations to reflect this trend effectively will undoubtedly help create an increased yield and generate good returns on investment. Ultimately, the marketing function should promise to deliver a real sense of belonging for residents.
Above basic needs, placemaking is now a big part of our lives. What is the essence of a place in local areas? Who are the local heroes? Enticing the best coffee shop, gym operators and food outlets helps with the creation of community as it fosters and anchors friend networks and a sense of belonging. Those who belong will want to stay.
Initially, planners and marketeers need to predict the profile of residents using demographic reports and creating personas. This enables the identification of tribes that have a particular set of requirements. It is this that should dictate the product.
2020 will see the delivery of The future high streets fund
From the very top of government, there is a recognition that evolutionary change is vital….
‘Our high streets are right at the heart of our communities, and I will do everything I can to make sure they remain vibrant places where people want to go, meet and spend their money.’
‘Our £1 billion Future High Streets Fund is key to delivering this, empowering local leaders to help transform their high streets and town centres as consumer habits change, by investing in housing, workplaces, infrastructure and culture.’