Build-to-rent homes developer Moda Living has introduced a new form of rental contract to appeal to ‘generation rent’ tenants looking to flat-share.
It claims to have pioneered the ‘flexible sharing tenancy’ that enables tenants to rent a shared apartment without committing to a joint tenancy or paying a deposit.
Its reference process explores interests and hobbies to pair suitable tenants and has already had more than 300 enquiries for the concept at its new developments which are set to open across the UK in the next few years.
Moda has £850m worth of schemes already built or in the pipeline, which will eventually add up to more than 7,500 rent-only homes – all in cities to meet the needs of ‘generation rent’.
The build-to-rent landlord has just launched the final phase of its flagship 35-storey, 466 new home neighbourhood, Angel Gardens in Manchester, while two other developments – New York Square in Leeds and The Lexington in Liverpool – will follow, with other planned projects due for Edinburgh, Glasgow, Hove and Birmingham.
These should appeal to professionals, downsizers, sharers, empty nesters and young families who can use facilities including gyms and wellness zones, green spaces, roof terraces, communal lounges and workspaces included in the rental price.
MD Johnny Caddick says: “Consumer needs are changing – showing increased demand for workspace at home, greater connectivity and ample access to amenities. The pandemic has exacerbated these trends. Our Angel Gardens development is seeing increased interest because it was designed with these needs in mind from the outset.”
He adds that its MyModa app has had a big impact on resident morale and wellbeing with more than 30,000 hits during April and May, an increase of 550% on February, where residents have joined in a calendar of interactive events from work-outs to beer and wine tasting.