Bricks, and Bold Intentions: How Leicester Is Quietly Rewriting the BTR Rulebook
In a country obsessed with home ownership, the build-to-rent sector has often been relegated to the margins of housing debates – wrongly so. But on a sunny spring morning in Leicester, a group of housing professionals – spanning from operators, investors, construction experts and proptech aficionados – gathered for a study tour that proved Leicester isn’t just playing catch-up; it might just be setting the pace! As a veteran of an impressive seven study tours, I feel I’ve earned the right to make that claim.
Organised with trademark finesse by the ARL team – Emma Henderson, Graham Sibley, and Nicola Fleet-Milne, Chair of the ARL Midlands Hub – this day-long tour wasn’t merely about gathering interior inspiration or nosing at the latest offerings. It was about pulling back the curtain on the very real challenges and quiet revolutions shaping the rental sector outside of a London-centric lens.
The city itself is no stranger to reinvention. Once famous for crisps, Gary Lineker, and the slightly macabre tale of King Richard III’s car park exhumation, Leicester is now pushing a more modern narrative. As the UK’s 10th largest city, it boasts not only two thriving universities but a growing sense of youthful energy, with 32% of its population aged between 20 and 39. Since COVID, Leicester’s population has surged by over 8,500 people annually, driven in part by its 27% graduate retention rate – a testament to the city’s magnetic charm for young professionals. Economic momentum is also on the city’s side, with median salaries climbing by an impressive 51.4% over the past decade with major business such as Rolls Royce, Next Plc, UK National Space Centre, KPMG and many more being based here.
With 1,302 operational homes and over 500 more in the pipeline, rents outpacing the wider market by as much as 56%, and demand fuelled by young professionals, medics, and graduates, there’s a sense that something significant is shifting. Our whistle-stop tour of four of the city’s most compelling schemes showed us just how varied and nuanced the BTR sector is becoming.
Our first stop was The Wullcomb, a striking 297-unit development operated by Way of Life and owned by Long Harbour. Joe Middleton, Asset Manager for Long Harbour – our wonderfully knowledgeable guide – led us through the warm-toned, 70s modernist-chic interiors. The building had a quirky elegance and a lobby that wouldn’t look out of place in a Wes Anderson film. A fun fact, when construction began, ancient mosaics were discovered in the foundations – a colourful slice of history and testament to the building’s rich character.
But it’s not just about good looks. With a 96.5% occupancy rate and a five-person team managing day-to-day operations, you know the business is run like a well-oiled machine.
A short drive then took us to Queen Street Quarter, where Laurie Walker of the John Lewis Partnership showed us a scheme that’s part industrial reverie, part Victorian charm. Originally built in 1869 to produce soldiers’ uniforms and airplane parts, the 242-unit building – now home to families, sharers, and young professionals – is a living example of adaptive reuse. With an on-site team of five and a renewal rate nearing 84%, the team’s ability to manage ongoing renovations while keeping tenants in situ is genuinely commendable. This is a development not just with character, but with staying power. It’s also a quiet reminder that history, when handled well, can be the foundation of something fiercely contemporary.
Then came The Arches, where operator Cortland and owner Catella have transformed a disused railway station into something far more soulful. Abandoned for decades, the arches now frame a warm, minimalist scheme with unmistakable Scandinavian charm. With 184 units and just two on-site staff, the scheme pulses with a sense of community and calm. We were led through the development by the brilliant Abbie Chance and Craig Lebeter of Cortland. The Arches is a prime example of how smart systems and strong engagement can not only outpace busy operations but offer full visibility into what matters: people, experience, and data.
Finally, The Saxon – once a drab HMRC office – is now a colourful, art-led BTR scheme operated by Centrick and owned by Oblix Living. With 100 units at 99% occupancy just one year in, the sleek interiors and playful design make it feel more like a quirky gallery than a residential block. We were guided by the witty and charismatic Charlotte Brown of the Centrick team, who walked us through the space with enthusiasm. Fun fact: the site was once a maternity ward, and since the transformation, two babies have been born at The Saxon. Talk about full circle.
It was interesting to see two of the four sites operate on Yardi—a quiet but powerful nod to the growing importance of proptech in today’s rental landscape. From streamlining operations and tracking maintenance to consolidating communications, managing property-level financials, and transforming data into actionable insights, the impact is tangible. Across all four schemes, a few clear themes consistently emerged: operational efficiency, robust maintenance oversight, transparent communication with residents and internal teams, clear visibility into KPIs, and the ability to build strong, cohesive brand identities. It’s no surprise, then, that build-to-rent is fast becoming a mainstay in the housing sector—not a passing trend.
To wrap up, Clare Johnson from Centrick joined Joe Middleton of Long Harbour in a closing discussion moderated by the ARL’s own Graham Sibley. Together, they underscored that Leicester isn’t just quietly getting on with things—it’s laying the groundwork for a BTR movement with a distinctly Midlands’ flair. Ranked 11th in a macro analysis of 64 UK regions, Leicester presents the kind of no-nonsense investment case that’s hard to ignore. With major employers like Amazon and IBM setting up shop, the city is a blank canvas for serious build-to-rent ambitions. Add to that its enviable logistics credentials—50% of the UK’s population reachable in under two hours—and you’ve got a location that works as hard as its people. This is a market driven by stable employment, loyal tenants, and the kind of long-term thinking that actually sticks: quality-first design, life-cycle planning, and a genuine focus on sustainability. Leicester’s future? Bright, bold, and built to rent—with room for all shapes, sizes, and rental brackets. It’s not just growing—it’s getting serious.
Written by Chloe Sachikonye (Yardi)
