Build to Rent remains a fast-growing sector with thousands of developments currently under construction across the country, and this trend looks set to continue in 2021 and beyond.

Despite a drop in new BTR completions last year, owed in part to the coronavirus pandemic, the overall size of the market continues to increase.

Between 2019 and 2019, the cumulative total number of BTR completions saw the sector grow by 23%, with plenty of room for growth moving forward.

BTR completions are estimated to double by 2025, according to a forecast from BTR specialist agency, Ascend Properties, which would prove a welcome boost for many letting agents well-equipped to cater for this sector.

Based on the latest available data for the sector, Ascend forecasts that a further 73,535 BTR completions should reach the market by the start of 2025. In addition to the existing 53,750 BTR completions already within the market, this forecast could see total build to rent stock hit an estimated 127,285 completions.

Managing director of Ascend Properties, Ged McPartlin, commented: “The Build to Rent sector is an increasingly important part of the market, and we see that trend continuing over the next five years.

“There’s a growing recognition that owning property may not be the norm in the future, as is already the case in numerous other European countries. In the UK’s most expensive regions such as London, many already rent for far longer than we’ve seen traditionally and while we remain a nation of aspirational homeowners, not everyone is as focussed on realising this aspiration.

“Therefore, it’s important that residents are able to live in high-quality properties fit for their needs. Build to Rent fits this gap perfectly, so it’s no surprise that the sector has seen an impressive level of growth in just a few short years, as well as a notable level of investment.

“We’ve seen a number of big housebuilders and institutional investors shift focus towards the Build to Rent sector in recent years and it has become an integral part of forward planning where stock delivery is concerned. Those yet to realise this are likely to be playing catch up as the sector continues to build momentum in the coming years.”