Project Partner

Duration

Feb to Apr 2020

Responsibilities

Desk research
User research
Interiews
Prototype
Website Design

The UK Appartment Association

Challenge

How can we help BTR operators expand their current market and increase their brand awareness?

START 2 RENT

Build-to-rent (BTR) properties are an emerging, fast-growing market in the United Kingdom. These modern property developments are designed to be rented and give tenants a streamlined and comfortable renting experience.

One of the missed opportunities we identified are fresh graduates, who are priced out of the expensive BTR rental market.

Start 2 Rent offers this group an opportunity to experience the benefits of BTR properties at their existing accommodation, and warms them up to the idea of renting from the BTR market in the future.

Outcome

Approach

During this project, we went through several iterations with users by taking them through a simple storyboard and modifying the concept based on their feedback.

Research

We visited 4 universities in London to interview students on campus and asked them about their personal renting experience and any difficulties they have faced.

Initial insights

In total, we conducted over 40 in-depth online and offline interviews with users during our research phase.

30+
In-depth interviews
(graduates or to be graduate students)

Most of them had some bad experiences renting (mostly related to irresponsible landlords, agents or noisy flatmates), but they had to put up with it because of their limited budget.

10+
Remote interviews+
social media& video observations
(BTR residents)

Many BTR residents were unaware that they lived in the BTR community. They all left good comments about BTR properties, especially its community culture.

We found that most of the graduates did not know about BTR properties and their perks, but after our introduction, most of them showed great interest. However, their relatively high rents were an obstacle.

What is an affordable rental fee for graduates?

The average affordable monthly rent:

According to our research and information available on the web and social media communities, the average rent comes to around around £800 per month.

The lowest monthly rent at BTR

After we contacted BTR operators, the lowest rental quote we received was: A flat in zone 4 at £1732 to £1890 per month, including the bills.

What does BTR's minimum monthly rent mean for graduates?

BTR RENT AS A PROPORTION OF THEIR INCOME

What are the valuable factors of living in B2R?

In the middle of this project the first pandemic lockdown took place. In response, we had to find ways to conduct our further research completely online. We began to see what BTR tenants' lives looked like inside BTR communities by viewing their stories on Instagram.

01.

Apart from the professional management services, additional facilities and bills in one package, they liked the sense of being a part of their BTR community.

02.

The BTR communities organise regular events to enrich the lives of tenants, which were extremely valuable during lockdown. (e.g. The images above are Instagram posts shared by different BTR tenants of their online workshops organised by their community.)

We identified BTR's 3 key factors, which are 1) a caring neighbourhood, 2) curated spaces and 3) the facilities and activities which help tenants to fulfil work-life balance. All of these exist to create a unique BTR culture.

So we wondered, can we bring this compelling package to non-BTR tenants? And consequently, would it raise their awareness of BTR and want to become BTR tenants in the future?

Start to Rent

Based on our analysis of the factors that graduates prioritise when renting a place at the post-graduation stage, we generated our initial concept of Start to Rent (S2R).

During graduates' explorational phase, they can rent affordable places based on their conditions. They can then have partial access to the facilities and activities of the BTR community through S2R service.

when they step into the next phase of renting, triggered by life shifts. At this point, we will help them to transfer into their future BTR home seamlessly.

Prototype and Validation

Due to the pandemic, we had to move prototype sessions online. We were able to test our initial concept through a storyboard on Figma to a wider group. During the sessions, we collected how users' overall felt about the storyboard, and gathered their feedback about each touchpoint and changes they would like to see.

Takeaways from the prototype

01/

Access to high-quality furniture and electronic appliances is one of the most compelling features for graduates.

02/

Their prefered monthly subscription fee is around £30-£70 based on their future salary. Couples can accept higher subscription fees.

03/

Many participants felt that they had a better understanding of the BTR lifestyle by using S2R and they were more likely to consider renting a BTR properties in the future.

Modified user journey

For graduates

Start2Rent(S2R) is a upgraded living service that helps young professionals

by improving their living in multiple ways—regardless of where they live.

For BTR

Start2Rent(S2R) is a service that helps BTR operators access individuals at the early stages of their adult lives and target future selective customers and gain relevant customer behavioural insights.

Step 1

Users learn about S2R through their letting agent or other various ways. Our digital platform gives information about our service, and users can explore the upgrade choices S2R offers.

Step 2

After deciding where they will live, S2R recommends users monthly subscription packages which are based on their lifestyle, budget and preferences.

Step 3

After their tenancy ends, S2R service helps users smoothly transfer to their next stage of living in build-to-rent communities. Through a digital platform, users can check how the B2R community would be personalised based on their previous consuming experiences. Once the move is complete, S2R welcomes them at their new home!

Business Plan

Our business plan covers our service proposition, early stage user adoption strategy, service milestones and future goals. Read our full report: