Glasgow urged to invest in build-to-rent housing
GLASGOW has been urged to invest more in build-torent housing as a way to tackle a housing shortage and encourage city centre living. Several build-to-rent developments are under way in the city centre with thousands of new homes being created, but people involved within the sector say there is scope for more.
The model involves long-term rental in properties not able to be purchased with on-site amenities
UK Apartment Association wants the city council to “embrace” the new model to create more homes at a time when reports are saying that demand is outstripping supply in the rental sector.
It says Glasgow is currently behind other comparator UK cities in build-to-rent.
The association says the build to rent pipeline for Glasgow represents just 10% of current private rented sector households.
It states there is great capacity for growth given the pipelines in Manchester, Birmingham and Leeds represent 29.6%, 15.5% and 13.1% of current private rented sector households.
There are developments under way at Tradeston at the Barclays development, Central Quay on the north of the river and at the old police headquarters at Pitt Street in the city centre.
Brendan Geraghty, CEO of the UKAA, said: “BTR and co-living offer a tremendous opportunity for the thousands of people looking for a good place to rent, as well as councils wanting to revitalise neighbourhoods while solving the housing crisis in their area.
“Glasgow is perfectly placed to look to models of living that are already popular across Europe and harness investment from organisations like pension providers to fund affordable, high-quality homes with a long-term value.
“We are witnessing massive demand for a new form of housing because so many people don’t see the traditional housing market as working for them. But the supply just isn’t there to meet the need.”
Business leaders in the city said it can help attract new talent to Glasgow
Stuart Patrick, chief executive of Glasgow Chamber of Commerce, said: “BTR and co-living are delivering high-quality housing, which is desperately needed, and will serve to address increasing demand. Innovative approaches to housing such as this are to be greatly welcomed and will also serve to retain and attract skilled young people to our cities.
“Glasgow City Council’s City Centre Living Strategy, for example, outlines a target to double the city centre’s population to 40,000 over the next 15 years and increasing density in the city centre is essential to its long-term success and sustainability. BTR is a key element in delivering this.”
A Glasgow City Council spokesman said: “We welcome any sustainable model of housing that can help meet the demands of the growing number of people living – and wanting to live – in Glasgow, especially if they can significantly add to the quality of place in their neighbourhood.
“The specific demands of different demographic groups mean that specific housing models will be more attractive to each of those groups.”