Identifying your target audience is a crucial step in marketing your Build To Rent (BTR) units. 

Knowing who will potentially be renting your units means you can tailor your marketing message to have the most impact with that group. 

So who are the target audiences for BTR schemes?

 

Generation Y

The primary demographic you'll target are millennials, also known as 'Generation Rent.' Millennials are generally considered to be the cohort of people born between 1981 and 1996. Their lives have been shaped by the rise of the internet and the 2008 financial crisis. Many have recently reached or are nearing the stage in life when, traditionally, families would form and houses would be purchased. 

Yet due to the explosion in the cost of housing and the number of careers that are increasingly located in population-dense cities, many have decided that home ownership isn't something that makes sense for them. They're increasingly turning to renting, which provide a simpler and more enjoyable lifestyle than homeownership.

However, many renters today are disillusioned by soaring rent prices and unprofessional landlords. 

BTR responds to millennials' disdain for renting by providing a higher standard of rental living. Residents of BTR schemes don't have to worry about making repairs or doing maintenance on their property, and they generally get to enjoy a host of luxurious amenities like a gym or concierge. 

 

Mobile Workers

There are other groups that have also been identified as target audiences for BTR schemes. These groups may overlap with millennials, but they're important to consider individually as they may have different motivations and goals.

Mobile workers may have relocated to a new city to work, or expect to be relocated often or in the near future. They don't want to be tied to a property or locked into a long term lease, because they don't know where their career might take them. Shorter leases with flexibility and clauses to break the lease early are an important feature to mobile workers.

 

Potential Condo Buyers

Consider those that can afford to enter the housing market, but choose not to. What might they be looking for? They may want turn-key experience, or a luxury lifestyle that homeownership doesn't offer. 

Historically, these individuals turned to purchasing condos rather than homes, which reduces the level of property maintenance required while also offering on-site amenities that used to be reserved for condo buildings. BTR schemes bring the experience of condo-ownership to the population of renters who don't want the commitment of ownership.

There are also many who can't quite afford to enter the housing market, but don't want a traditional renting experience. Focus on the things that set BTR apart from your normal flat: professional management, prompt maintenance, modern buildings and exciting views.

 

Empty Nesters

Depending on their stage in life, downsizers may be looking to sell their home to move into a BTR unit. These are likely older families whose children have moved out, and maintaining a large space has become unnecessary. This group may not be interested in buying another house, and will be interested in having someone else maintain their property while they go away on holiday, relax and enjoy themselves.

 

Remember - trying to market your BTR units without knowing who you're marketing to is pointless. Recognize their needs and they will be more likely to be interested in renting a BTR unit.