The UK’s build-to-rent sector is gathering pace with more developments springing up away from London, and Newcastle is the latest major city set to benefit from the market boom.

The likes of Manchester, Birmingham, Leeds and Liverpool have already seen plenty of new build-to-rent developments taking shape over recent years as more developers are seeing opportunities to adapt to the changing shape of the country’s property market, and now construction of Newcastle‘s first build-to-rent development is underway.

The £37m Forth Banks scheme, situated in between the River Tyne and Central Station in the Stephenson Quarter, will provide 283 purpose-built rental units across a 200,000 square foot site. The development will cater exclusively to the private rented sector, with tenants benefiting from ultrafast fibre-optic broadband, a fully equipped gym with exercise classes, workspaces and cycle storage.

The difference between build-to-rent and buy-to-let

Such added extras and amenities are what sets build-to-rent apart from traditional buy-to-let, as the schemes are tailored specifically for the needs of today’s tenant population – which has seen huge growth in recent years, as well as changing demographics towards more young professionals alongside older renters who prefer the flexibility of renting rather than owning a home.

Technology, as with many similar developments, is also at the forefront of The Forge, with all lettings completed via a virtual agency allowing tenants to make virtual tours of the apartments as well as complete all documentation and agreement online.

Catering for city dwellers

“The Forge will introduce a professionally managed, purpose designed, top quality rental offering to Newcastle,” commented Helen Douglas-Teggart, lettings manager at The Forge.

“We expect it to appeal to a range of residents from young professionals and couples to graduates and families with young children, as it’s flexible and offers a great lifestyle with hassle free living.”

“As part of our quayside living model, The Forge will establish a community and embrace Newcastle’s business scene, working with all industries from hospitality to retail to deliver pop-up events exclusive to residents,” she added. “We’re excited to provide the perfect base for city dwellers to reap the benefits of long-term, convenient renting.”