Multi-family homes are becoming increasingly popular in light ofconsidering the lack of rental supply in the UK. They offer an efficient solution for housing in high-density areas, especially cities, and a range of living options for households.
Let’s explore multi-family homes in more detail, looking at everything from who this type of housing is for and how to find them.
- What is a multi-family home?
- Who are multi-family homes for?
- What are the different types of multi-family homes?
- What’s the difference between a multi-family home and a single-family home?
- What are the benefits of multi-family homes?
- What are the potential drawbacks of multi-family homes?
- How to find multi-family homes
What is a multi-family home?
A multi-family home is a residential property designed to accommodate multiple separate households. Unlike single-family homes, where one family occupies the entire building, multi-family homes are divided into multiple units, each with its own kitchen, bathroom, living area and often its own entrance.
Multi-family homes are typically large developments with more than 200 units and are usually owned by a single entity.
Who are multi-family homes for?
Multi-family homes are attractive for a diverse range of renters, for various purposes. For example, young, millennial-aged professionals who work and live in cities find multi-family homes an attractive option, enabling them to live in desirable locations for work.
Similarly, multi-family homes are a popular choice for international students studying in the UK due to their affordability and parents paying 12 months’ rent in advance.
What are the different types of multi-family homes?
Built-to-Rent
Built-to-Rent developments are specifically built to foster communities where the spave is the renters home. They are developed from the start to be rented out by investors or developers and, as such, are well-equipped and designed with renters in mind. This includes considerations such as shared on-site amenities and inclusive reisdent events.
Single-family housing
Single-family homes are residential houses designed for one household, typically detached from other units, with private gardens and driveways. These are great from families who cannot afford to buy a house, offering them a long-term housing solution alternative.
Co-living
Co-living involves shared living spaces where tenants rent an individual studio apartment but share communal areas, such as kitchens, bathrooms and living rooms. This model appeals to renters seeking all-bills-included rent and flexible agreements.
What’s the difference between a multi-family home and a single-family home?
While both multi-family and single-family homes are an excellent option for renters, they differ in various ways. A multi-family home is a property, such as an apartment that is located in a larger building, like a multi-storey apartment building. This way, you have multiple families living under one roof in various units.
In contrast, a single-family home is a stand-alone structure intended for one household, like a house. Single-family homes typically offer more outdoor space and greater freedom for personalisation and are let to young families who are looking for a place to rent long-term instead of buying, from around three to five years.
What are the benefits of multi-family homes?
Multi-family homes offer several advantages for renters:
1. Affordability
Renting a multi-family home can be cost-effective since your rent will typically include on-site amenities, such as co-working spaces, gyms and other luxuries. These amenities are particularly attractive to renters who work from home and those who enjoy communal living.
2. Community living
Like most new build developments, multi-family homes often foster a sense of community for renters. Residents share common spaces and may develop strong relationships with their neighbours, creating a more connected living experience and better quality of life.
3. City conveniences
Multi-family houses are often located in cities, which have easy access to public transport, amenities, shops and job opportunities, which makes them a popular choice for tenants.
4. Security
Renters of multi-family homes benefit from the peace of mind of having a long lease agreement and don’t have the risk of landlords wanting to sell and having to move out, which is more common with the private rental market.
What are the potential drawbacks of multi-family homes?
One of the key drawbacks of multi-family homes is affordability. While the higher costs are often weighed out by the added amenities and modern living spaces, increasing rent of multi-family homes can price out younger demographics and those on lower incomes. That said, multi-family homes will be built with the local community in mind, ensuring accessibility for those in the area.
How to find multi-family homes
Just like any other home, you can find multi-family homes on the regular rental market. Explore multi-family homes with OnTheMarket today.
