The Future of Renting: ‘All-Inclusive’ Living Demand Growing as the Pandemic Drives Tenant’s Needs – 05.03.21

According to data, recently released by prominent estate agent Savills[1], the Coronavirus pandemic has caused a dramatic shift in what prospective tenants are looking for from their rented accommodation. The report revealed that they have seen requests from renters for homes with access to outside space increase by 96%[2] in the past 12 months. There has also been an increase in enquiries for homes in dedicated Build-to-Rent (BtR) schemes that provide ‘all-inclusive’ living, such as Vertus’ 8 Water Street and 10 George Street.

‘All-inclusive’ living meets the needs of the modern-day renter, as everything they’re looking for, such as gyms, terraces, gardens and shops, are all in one place, either within the building or in easy reach in the nearby area. Providers such as Vertus offer professionally managed properties that focus on resident’s wellbeing, feature apartments furnished to a high standard, offer community amenity spaces, events and concierge services, all within the fixed monthly rent ensuring tenants feel secure in their homes and against any future lockdowns.

Alastair Mullens, Head of Vertus, explains how BtR living is becoming more attractive to renters, “All-inclusive often conjures up the thought of holidays abroad, however this concept is a growing trend in the property sector too. Instead of unlimited cocktails and an all you can eat buffet, BtR properties provide happier, more secure and high-quality places to live.

“For many years, renters have experienced poor-quality, badly managed properties that aren’t designed for modern-day living. The pandemic has shone a light on this and shown how the BtR sector can provide an all-inclusive living experience, under one roof, that will benefit renter’s new lifestyle and habits.

“At Vertus our key aim is to provide residents with homes specifically designed for them, excellent service through our 24/7 concierge teams, flexible tenancies, amenity and workspaces, and a real sense of community through Vertus Plus. These offerings show how Vertus and the BtR model can truly support this new lifestyle in the rental sector.”

Many renters have found the pandemic lonely and have craved community spirit. 30.9%[3] of adults reported their wellbeing was affected through loneliness in the first lockdown. To help combat loneliness for their tenants, the Vertus teams moved the tight-knit communities online, organising a range of virtual events for residents, such as online wine tastings with Canary Wharf’s Humble Grape, and resident bake-off competitions.

Additionally, online fitness classes have been available through gym and wellness providers Third Space and Antidote, and once lockdown restrictions are lifted, tenants at both schemes benefit from access to gyms right on their doorsteps.

On the community at 10 George Street resident Atul Chandra comments, “The live music and wine nights organised in the amenity spaces before lockdown were spectacular, they helped me get to know my neighbours really well. I actually know more of my neighbours over here than I do in the US now; there’s a real community atmosphere.

“The fact that Vertus organise online events in lockdown just shows how thoughtful and focused they are on the experience their tenants have whilst living with them.”.

Tenants working from home at Vertus’s schemes – something that is likely to remain popular post-pandemic – have benefitted from some of the UKs fastest Broadband speeds and will continue to do so following Canary Wharf’s announcement of its partnership with Virgin[4].

People have become much more connected to nature, with renters now ranking access to outdoor space 2^nd in their list of most sought-after features when looking for a home[5]. At both of Vertus’s schemes, residents have access to expansive, waterside roof terraces with seating and stunning views across Canary Wharf and the dock below.

Tenants of 8 Water Street also benefit from private landscaped gardens at the base of the building. Additionally, Vertus’ prime locations mean tenants benefit from the nearby open spaces of Canary Wharf such as Habour Quay gardens and its waterside boardwalk, Jubilee Park and the roof garden at Crossrail Place. Mudchute Park and Greenwich Park are also just a short journey away on public transport or by foot.

In a recent independent survey carried out by Canary Wharf Group, around 51% of people said that that living in a building with onsite amenity spaces would be appealing to them, this further suggests a shift to all-inclusive living. Both of Vertus’ schemes feature Vertus Plus amenity spaces which include, lounges furnished by interiors specialists Angel O’Donnell and Accouter Group of Companies that feature wine and coffee dispensers, private dining spaces, communal workspaces, a screening room and hotel-style Guest Suites.

Show apartments at 8 Water Street are available for prospective residents to view from £1,950. Show apartments at 10 George Street are available for prospective residents to view from £2,002. For more information about Vertus, 8 Water Street and 10 George Street visit www.thisisvertus.com or contact pressoffice@canarywharf.com or leasing@thisisvertus.com

[1] Savills, COVID-19 Shifts Tenant Demand, September 2020

[2] Savills, Prime Residential Rents – Q2 2020, July 2020

[3] ONS, Coronavirus and Loneliness, Great Britain: 3 April to 3 May 2020, June 2020

[4] Virgin Media, Canary Wharf Group, Virgin and Cisco Announce First-Ever Deployment of Open Roam for Residents of the Canary Wharf Estate, July 2020

[5] Friends of the Earth, England’s Green Space Gap, September 2020

ENDS

For further information, please contact:

Press Office
Canary Wharf Group plc
T: 020 7418 2166
E: pressoffice@canarywharf.com