American-style renting lands in Sheffield
Mary-Anne Bowring 21/10/2019
736
US-style homes at Brook Place - but will renters spot the difference?
We’ve all heard the phrase “American-style renting” but what exactly does it mean? Renters in Sheffield are about to find out. Last week, build-to-rent operator Grainger launched Brook Place, a brand-new residential development 10 minutes from Sheffield city centre comprising 237 “American-style professional private rental homes”. It is the first scheme in the city built and designed specifically for renters.
So what’s on offer at Brook Place? Fully-furnished studios and one- and two-bedroom apartments are available, with all utilities ready to go from day one, a selection of furnishing options and fully integrated appliances. Residents also get super-fast Wi-Fi and they can easily work from home in the co-working space. There’s also a choice of a residents' lounge and a games corner with table football plus three roof terraces and a podium garden to chill out and unwind. So far so standard - none of this sounds particularly new. The 'stay as long as you want' contract at Brook Place, with tenancies of up to three years is becoming the norm for build-to-rent developments. As is the 24-hour gym, onsite management, concierge desk and bicycle storage. But there are some notable features that may give the scheme an edge.
For starters, residents have the choice of two themed interior styles. Most renters don’t get to choose their décor but Grainger are offering colour palettes in either blue and grey or copper and red hues, inspired by the nearby Peak District. And those who opt for a longer tenancy will be able to paint and decorate their apartments, giving them the chance to personalise their new home; something which is often not possible in traditional renting. Another feature that is being imported from the US is the emphasis on 'lifestyle' events to bring residents together, such as cooking classes that will be hosted in the ‘experience kitchen’, which features professional kitchen equipment including a pizza oven. Food for thought for other BTR providers? Our Manchester office LifebyRingley will be keeping a close eye on the success of Brook Place. Some of these ideas could become a model for others to follow.
info@planetrent.co.uk
0208 0599 550 (for sales)
Under Offer: This term applies to a property where the landlord is considering an offer but remains on the market. It implies that further offers may still be considered until the landlord formally accepts or declines the current offer.
Let Agreed: This term indicates that a landlord has provisionally agreed to enter into a rental agreement with a prospective tenant, pending additional checks and referencing. It doesn't require the prospective tenant to have paid a holding deposit.
Let: This term signifies an established binding rental agreement between the landlord and tenant.
For both lettings and sales, the guidance addresses additional terms:
New On The Market: This term is used for a property not advertised since its last sale or rental. It should only be used for a brief period.
New Instruction: It applies to a property assigned to an agent for marketing recently, even if it was previously listed with another agent without being sold or rented.
New and Exclusive: This term refers to a property that is either new on the market or a new instruction, exclusively available through a specific agent or portal.
New Method of Sale/Let: This term is used when a property is being marketed for sale or rent using an alternative approach to the original advertisement, such as transitioning to an auction or sealed bid.
Reduced: This term indicates that a property's price has recently been reduced. The reduction should be genuine and comply with the Chartered Trading Standards Institute's guidelines on pricing practices.