Knight Frank – Build to Rent, Resident Experience Report, 2024

The Knight Frank Build to Rent Resident Experience Report 2024 highlights that resident experience is crucial for the operational performance of Build to Rent (BTR) schemes. With over 114,000 completed BTR homes and more under construction, the focus on resident satisfaction is becoming increasingly important. The report introduces the Quality Index (LQI) and Local Living Quality Index (LLQI) to help investors, developers, and operators understand the impact of factors like location, design, and resident satisfaction on the overall BTR experience. The Resident Experience Index evaluates 277 BTR schemes, with common characteristics of top-scoring schemes including community-focused services, larger unit sizes, and better energy efficiency. The report finds that schemes with higher scores in facilities, management, and value provide the best resident experience. Occupancy levels are high in existing schemes, indicating the success of focusing on resident satisfaction. The BTR Resident Experience Index aims to drive investment metrics such as occupancy, retention, lease up, rental income, and operating costs by improving the resident experience. By focusing on internal factors like amenity provision, unit sizes, and energy efficiency, BTR schemes can enhance resident satisfaction and overall performance.