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So the ideal Birmingham city centre resident looks like what? Do they have an aspirational job in the financial services or creative sectors? Are they 24-35 years old? Do they crave a digital, sharing, Generation Z living-it-large lifestyle?
It has sometimes seemed like the answer envisaged by many city centre schemes involves a 'yes' to all those questions. The result has been a growing list of two-bed flats at moderate prices, none of them very different from each other as they compete for the attention of the same ideal tenant.
And that is a shame, and a big lost opportunity, according to leading names in the city's private rented sector and build-to-rent development sector. With more careful thought to amenity and long-term tenure, Birmingham's apartment blocks could end with a very different and more sustainable demographic mix.
So argued the panelists at Bisnow's Future of Beds in Birmingham event held at the Library of Birmingham. The event coincided with German property investment managers Patrizia Immobilien reaching another landmark in their £50M build-to-rent scheme at Pershore Street, the first in the site. The 333 apartments on the site of the former ice rink in Southside will open in November, kick-starting the home rental revolution in the city.
The service and amenities at The Forum will set it apart from other rental offers in the city say managers Atlas Residential. They range from a pizza oven through to a private gym to guest suites and a resident's lounge. Tenancies of up to three years are available, and residents can even bring their pets.
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"The Birmingham PRS sector has focused on younger tenants in the city centre so far, but if you look further into the other West Midlands boroughs, and to families, there are huge opportunities. Today we're missing out on them," High Street Group Chairman Gary Forrest said.
"If we're to cater to families then we need to understand that they want security of tenure. Which is a difficult challenge but it matters because the more security people have the more they know that they can build a family."
The panel, moderated by Arcadis Director Louise Brooke-Smith and including LIV Consult PRS Manager Nick Wiggans, stressed that getting the amenity mix right was essential to ensuring long-term tenants.
"You have to look at the full range of issues that affect long-term tenure, which means things like schools for people starting families. And it means different types of facilities for empty nesters. But we've learned lessons from our work in the United States and if you get the mix right people will stay. If you let people bring their pets it sometimes feels like they will stay as tenants forever," Atlas Director Stephanie Smith said.
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