ARLINGTON, VA - The National Apartment Association (NAA)’s first global alliance partner, the United Kingdom Apartment Association (UKAA), launched last week in London. With momentum building in the UK’s residential rental sector, UKAA is the first cross-industry organization in the country dedicated to improving the professionalization of multifamily housing.
“NAA is eager to bring industry training, best practices and networking opportunities to the UK, and to support those who are investing in the U.S.,” says NAA President & CEO Doug Culkin, CAE. “In addition, our U.S. members are increasingly seeing opportunities for global growth and are looking to NAA for guidance when entering a new market. Our partnership with UKAA will be invaluable to our association as we address the growing need for a global rental housing industry.”
With more than 9 million renters in the UK, there is an opportunity for apartment communities as an asset class. UKAA aims to differentiate the multifamily housing industry from “amateur ad hoc” rental services provided by small-scale owners that currently make up the majority of the rentals in the UK.
“This evolution of the rental sector is creating some interesting dynamics and raising many questions about what renting in the UK should and will look like,” says Roger Southam, Chairman of Chainbow and Founder of UKAA. “There is clearly a case for using the extensive experience gained by the USA and working together to create a more professional market to ultimately give renters a better service.”
Added UK Housing Minister Brandon Lewis, “I welcome the UKAA as a body that can help build the capabilities of the build to rent sector in this country, bringing together the needs of private renters with the institutional capital that wants to invest in meeting their demands.”
UKAA member benefits include access to NAA’s research and information databank, customer service and multifamily educational platforms, suppliers’ forum, access to NAA operators, a discount to the annual NAA Education Conference & Exposition, and the opportunity to work with existing organizations to create an institutional asset class.
Current members include Atlas, Hermes, Greystar, Manchester Life and Savills, as well as suppliers including Roomservice by CORT and Yardi. UKAA is working in conjunction with other industry organizations to establish regional branches—already underway in Manchester and Scotland.