The United Kingdom Apartment Association (UKAA) aims to become a clear mark of quality and service for the build-to-rent sector, giving brands a badge that customers can easily identify.
It is about driving professionalisation through improving levels of service and choice to create a better rental experience for the customer.
We believe that the UK rental consumer deserves a high quality product tailored to the needs of modern living, says Michael Green, Chief Executive, UKAA.
As the UK market evolves, customers will become increasingly discerning and will demand certain levels of service. Professionalising the sector will help build the commitment and drive for operators to run buildings to the highest standards and, in turn, make the UK model fit for purpose.
It is precisely because the UK rental sector is so diverse that an organisation such as the UKAA is needed.
We need to work together because the more good examples and experiences we can highlight and the more we can share our learned experiences, the quicker the market will grow and develop and the quicker we will create a critical mass that meets the investment demand, he says.
UKAA will offer organizations a forum to share best practices and benefit suppliers, as well as introduce professional qualifications by offering training and education, not to mention the huge networking opportunities.
UKAA has already launched its first training program, which focuses on customer service and aims to help operators focus on putting residents at the center of their businesses, he says.
As the first international partner of the NAA, UKAA can benefit from the extensive experience Americans already have in this sector. UKAA isnt trying to replicate the USA, but it is seeking to bring all sides together to achieve the best delivery for the UK.
Green says the United States has had a huge headstart on the UK during the past 20 years, so its rental market is on a completely different scale at the moment.
However, it is predicted that institutional investment in the UK rental sector will triple in the next five years and that the whole dynamic of the UK rental market will evolve.
Over time as multifamily housing offerings in the UK develop, we hope that customers will choose to switch from tired and poorly maintained properties run by small-scale owners to new, professionally operated communities that offer resident services and amenities as standard, Green says. This is when renting really becomes a matter of choice that benefits both residents and the wider economy.
UKAA is always keen to hear the views of its members and others in the industry; if you would like to get in touch, please email [email protected].