Inclusion of Amenities in London's Build-To-Rent Schemes. Increasement of Rental Values

David Tomlinson

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Academic Paper from the year 2017 in the subject Engineering - Civil Engineering, grade: 76, University of Westminster, language: ...

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Academic Paper from the year 2017 in the subject Engineering - Civil Engineering, grade: 76, University of Westminster, language: English, abstract: This paper analyses the effects of including additional amenities in London's Build to Rent buildings on rental values. Three amenities were analysed: concierge services, gymnasiums and residents' lounges. A total of 68 Build to Rent buildings across Greater London were analysed and 149 datasets were collected. The research is thought to be of importance due to the increasing number of Build to Rent buildings under construction and in the development pipeline in the capital, many of which will include onsite amenities. A review of academic literature revealed that the effects of including onsite amenities on rental value has not been determined for the London market. It also found that some consultants, architects and commentators are making unsupported suppositions as to the values that these amenities add, usually by way of reference to the US and wider North American markets, where 'multifamily housing' has been established for some decades. A multiple regression analysis was undertaken and, from this, a hedonic pricing model was produced. This methodology follows a well-established route which has been widely employed across the Atlantic and in the Asian property markets, but does not appear to have been applied in any academic capacity to London or the UK. The analysis seeks to compare and contrast the different contributory factors which comprise the overall rental value of a property, thereby attributing an individual value to each factor. The findings of the research were that amenities had no statistically significant impact on rental values, all other things considered. The research results also highlighted the importance of restricting further analyses of a similar nature to smaller submarkets, as well as proving the efficacy and utility of the multiple regression methodology.