Build-to-Rent and the financialization of rental housing: future research directions

Nethercote, Megan

doi:10.1080/02673037.2019.1636938

Cited by 103 publications

(95 citation statements)

References 46 publications

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“…This research interrogates the consequences of such investors for rental property and renters' experiences (Fields, 2018); how 'patient capital', particularly pension funds, shapes accounting practices to make property a more tradable asset ; and how investors target particular types of property. Institutional investors working in the residential market are shown to primarily focus on what has become known as multi-family housing in North America, or in the UK, 'Build to Rent' (Nethercote, 2019). Whilst research has analysed the broader trends, less has been said about the discursive positioning of the actors within the BTR sub-market and the ways in which institutional investors and BTR professionals have leveraged the evolving wider institutional setting to shape markets and their entrance to them.…”

Section: Evolving Residential Landlordismmentioning

confidence: 99%

The emergence of a Build to Rent model: The role of narratives and discourses

Brill

Durrant

2021

Environ Plan A

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This paper analyses ‘Build to Rent’ (BTR), a new form of tenure in London’s housing market. We examine the ways in which private and public sector actors have shaped the context of BTR’s emergence, and developed a model for delivery in London. We argue they relied on and constructed narratives of negativity about the private rental sector, which were juxtaposed with their product to position BTR as a solution to part of London’s housing crisis. Building on this, and leveraging an emerging but supportive institutional context, real estate professionals have adapted a US model to the UK. We argue that both the narrative-generating activities and the model development reveal tensions, which help theorise the ways new models of financing housing emerge.

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Section: Evolving Residential Landlordismmentioning

confidence: 99%

The emergence of a Build to Rent model: The role of narratives and discourses

Brill

Durrant

2021

Environ Plan A

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“…Nevertheless, we contend that the decline of social housing and affordable homeownership vis-à-vis the growth of affordable renting, intermediate housing, or shared ownership has also created market opportunity for institutional investments. On the one hand, this hybridisation of housing tenure responds to the needs of institutional investors or commercialised housing associations looking for higher profits (Hulse et al 2019;Nethercote 2019). On the other hand, it is also further evidence that the state is increasingly changing the collective nature of affordable housing provision.…”

Section: Figure 1 Affordable Housing Production In England 1991-2018mentioning

confidence: 99%

“…Theoretically, institutional investors have abundant resources to help overcome England's chronic shortfall in housing production. Yet, if they mainly capitalise on their publicly subsidised housing portfolios while also investing massively in built-to-rent and land holdings (Nethercote 2019), the socio-economic picture may only worsen in the future.…”

Section: Challenges Of Private Investments: a Research Agendamentioning

confidence: 99%

Financialised Privatisation, Affordable Housing and Institutional Investment: The Case of England

Wijburg¹,

Waldron²

2020

CHA

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Historically, public and affordable housing has been provided by the state in close conjunction with local authorities, public housing developers, and other social housing providers. Yet, affordable rental homes are now increasingly being managed, produced, or acquired by private equity firms and other institutional investors. In this contribution, we argue that 'financialised privatisation' is a helpful concept for understanding these shifts in state-finance compromises within the post-crisis affordable housing sector. Drawing on the case of England, we first discuss the major mechanisms of financialised privatisation and examine how an increasingly polymorphous affordable housing sector has emerged with a focus on multi-tenure and mixed-income housing tenures. We then discuss the possible challenges of this transformation and conclude that it remains very much a question whether a privately funded housing system will emerge that provides genuinely affordable housing and reduces inequalities.

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“…Since the 2008 crisis, the process of housing financialization has changed considerably, moving beyond homeowners and mortgages to private and social rented housing (Fields, 2018;Nethercote, 2019;Rolnik, 2019;Wijburg et al, 2018). As finance capital expands its role in rental housing development and provision, the imperatives of markets, investors, and shareholders increasingly shape residents' experience of housing, home, and community.…”

Section: The Financialized Citymentioning

confidence: 99%

Walking the financialized city: confronting capitalist urbanization through mobile popular education

Silver

Fields

Goulding

et al. 2020

Community Development Journal

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How do communities understand the highly abstract process of housing financialization? In this paper we argue that walking tours offer the capacity to develop new forms of mobile, public education to learn about the capitalist urbanization process, especially as the financialization of housing accelerates. Based on walking the city of Manchester we show that this type of learning may improve public literacy concerning the opaque and extended ways in which housing in central areas has increasingly been shaped by new types of real estate finance. Although many people in Manchester have understood the outline of these dramatic transformations, and could connect the new skyscrapers to their struggles for everyday survival, there remained a gap in detailed literacy of the actors, finances and dynamics that had changed the city so quickly. We contextualize the rapidly changing global landscape of housing since the global financial crisis of 2008 before showing how these transformations have reshaped housing in Manchester. We then describe the motivations for developing the tour, and the details of the walk itself. We conclude by suggesting that the walking tour offers new types of possibility in necessary learning and subsequent action to address capitalist urbanization.

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Build-to-Rent and the financialization of rental housing: future research directions

Cited by 103 publications

References 46 publications

The emergence of a Build to Rent model: The role of narratives and discourses

The emergence of a Build to Rent model: The role of narratives and discourses

Financialised Privatisation, Affordable Housing and Institutional Investment: The Case of England

Walking the financialized city: confronting capitalist urbanization through mobile popular education

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