It is not an exaggeration to say that the past year has changed everything – how we live, work and interact with others have all shifted. The vast majority of people will have spent more time in their homes than ever before and being able to enjoy a sense of community has become more important than ever.
For many years, Pinnacle Group has been managing Build to Rent (BtR) properties on behalf of institutional investors across the UK. Pinnacle understands that residential developments are not simply a series of assets, but rather communities that need to be nurtured and require long-term stewardship to be successful. A successful place is one where people choose to live and work long after construction is complete. Much has been written and said over the years about the importance of placemaking and rightly so. At Pinnacle we also recognise the importance of institutional-grade placekeeping.
BtR as a living sector is booming. Despite the COVID-19 disruption the UK property market has experienced, investment into the BtR asset class has seen record highs. During 2020, almost £3.5bn was deployed into the sector and construction of BtR schemes in London has increased by 30% (Savills, 2020).
Where the pandemic saw the rental market shift significantly, with many traditional high street letting agents closing their doors during the first lockdown, Pinnacle found that demand for apartments remained strong throughout and, in response, quickly developed and mobilised a virtual end-to-end letting service.
Undoubtedly the past 18-months has accelerated the requirement on people to embrace technological advances. But while technology plays a vital part of the infrastructure in building a first-class service, Pinnacle believes that it is the core management values and behaviours that shape how a community can thrive.