Would you like to live in a contemporary, open-plan apartment where some or all of the bills are included in the rent, pets are welcome, there’s a communal lounge, the landlord doesn’t charge any fees or require a deposit, and it has a 24-hour on-site concierge and repairs team?

Few us would say no to this. And astonishingly, it’s not a fantasy concept created by a SimCity gamer but bricks-and-mortar reality.

There are dozens of what’s called ‘build to rent’ developments already up and running around the UK including in Birmingham, Leicester, London, Leeds, Manchester, Portsmouth and Southampton, to name a few.

30,000 apartments

So far, approximately 30,000 apartments have been built with another 110,000 either under construction or with planning permission.

And it’s not a niche corner of the property market. Estate agent Savills recently predicted that by 2029 a third of all tenants will live in this kind of accommodation, or just shy of 1.8 million people.

What is a build-to-rent development? They look and feel like the kind of new-build apartment blocks you see in every town and city across the UK, but instead of offering properties for sale, they are all available to rent from a single landlord who often owns and operates the building.

There is a catch not mentioned within the glossy websites for these developments; build-to-rent apartments are usually at the higher end of rents in the areas they are built in.

But, the operators argue, you get a lot more for your money than in a traditional rented property.

Pricier pads

Let’s take one example, a development in Hayes, North London. It includes dozens of apartments which start at £1,295 a month for a one-bedroom rising to £1,995 for a three-bedroom apartment.

This compares with official data showing average rents elsewhere in the area range from £975 a month to £1,400.

But you get what you pay for. The Hayes build-to-rent development offers a concierge team that’s available 8am to 8pm, bedrooms that all have en-suite bathrooms and you only pay the first month’s rent and a holding deposit but otherwise no other fees.

Utility bills are not included in the rent, but it accepts renters with pets. The development also offers an online fault-reporting service plus furniture from Habitat.

Where can you find them?

The tricky thing for tenants is finding build-to-rent developments. No one has thought of a name for them yet so you can't keyword search for them online. And from the outside they look like any other block of flats, and although they’re usually listed on the big property portals such as Rightmove or Zoopla, they're not flagged up as special.

It can require some detective work to track them down, so speak to a local letting agency who should be able to help. Or you can use the British Property Federation’s build-to-rent map of the UK, and the Movebubble app also enables tenants to search specifically for them.

Remember, CreditLadder can help you improve your credit score.

CreditLadder can improve your credit position by reporting your rent payments. CreditLadder is the first way to improve your credit score and position across all three of the main Credit Reference Agencies in the UK, namely Experian, Equifax and TransUnion. Building up a high credit score has a lot of benefits, including helping you access finance at better rates - this can also help save you money. CreditLadder also runs a free mortgage application service in partnership with Tembo which will tell you how much you could borrow.

Remember the content provided in this article is for information purposes only and should not be considered as advice.