David Woodward is the CEO of Global Apartment Advisors (GAA), a London-based advisory firm focused on the Living Sector globally with clients in 20 countries around the world. David is also the CEO of CompassRock International which manages c.3000 units between the UK and Ireland. David’s many professional achievements include leading the repositioning of Stuyvesant Town in New York City – the largest multifamily property in the U.S. with over 11,000 units and 25,000 residents. The turnaround of “StuyTown”, Manhattan by CompassRock USA culminated in a sale to Blackstone for $5.4 billion, the largest single-asset real estate transaction in U.S. history.
What we now refer to as the Living Sector began to take shape in the UK over a decade ago, with the emergence of purpose-built student accommodation (PBSA). These early developments introduced a new level of professionalism, scale, building amenities and operational sophistication to rental housing—setting a precedent for what was to follow. PBSA proved highly efficient as an operating model, though it has always carried some exposure to short annual leasing cycles and student demand fluctuations.
It wasn’t long before this model expanded beyond students. The first wave of modern rental apartment platforms appeared, many adopting the now-familiar “living” branding—Fizzy Living, Essential Living, Get Living. These schemes, initially grouped under the wider Private Rental Sector (PRS—because the industry does love an acronym), have since evolved into what is now widely known as build-to-rent (BTR). At its core, BTR was a direct import of the U.S. multifamily model—an asset class refined over decades and proven at institutional scale. Its strengths lie in its scalability, liquidity, and operational consistency, although it often comes with high construction costs, complex planning processes, and increasing pressure around affordability.
PBSA opened the door; BTR pushed it open.
Then, as tends to happen with evolution, a new species emerged. Sitting somewhere between PBSA and traditional BTR was a product centred on smaller, more efficient studio units, combined with significant levels of shared amenity space and a strong sense of community. This became known as co-living. The Collective was one of the first movers in the UK, and while the company itself ultimately collapsed rather dramatically, the concept it helped pioneer has endured. Today, the sub-sector—often more accurately described as “studio BTR”—is gaining further traction. It offers an efficient use of space at more affordable price points and appeals strongly to younger renters, though it continues to face planning scrutiny and, at times, perception challenges around density and living standards.
From there, further diversification followed. The traditional high-rise, urban BTR model began to spawn variations, including lower-density schemes located on the edges of cities or in suburban areas. In the U.S., this format is commonly referred to as garden-style apartments—and notably, it represents the majority of multifamily stock there. This approach is now gaining momentum in the UK, driven by lower build costs, faster delivery timelines, and appeal to a broader tenant base. The trade-off, however, is typically lower density, which can impact returns, and a reliance on strong transport connectivity to maintain tenant demand. An additional twist is the amenity light BTR offering, will minimal amenities, or no amenities at all, and little to no staff, but at more affordable price points. It is expected that we will see more garden-style and amenity light offerings in the next wave of living. Another U.S. import is also beginning to establish itself in the UK: single-family rental (SFR)—more acronyms, thank you very much. This model focuses on renting out individual houses rather than apartments, offering tenants more space, privacy, and a longer-term housing solution, particularly attractive to families. While demand is robust and tenancies tend to be longer and more stable, the model brings operational challenges, especially around portfolio aggregation and management at scale.
And finally, rounding out the “living lifecycle,” is the emergence of rental-based senior housing. Traditionally dominated by for-sale models, this segment is now starting to pivot toward rental, again, following a model that has become common in the U.S. Several established platforms are exploring what might—inevitably—be dubbed Senior BTR (shall we introduce a new acroynm, SBTR?). The demographic tailwinds here are undeniable, with the potential for stable, long-term occupancy, but the sector is still nascent and comes with operational complexity and evolving consumer expectations. So where does that leave us today?
Despite all of the noise over the past decade, the Living Sector still only accounts for c.3% of the wider PRS market in the UK. PBSA and BTR are now established models and will continue to grow, supported by a structural imbalance between supply and demand and a systemic shortage of rental housing across the UK. Meanwhile, the “newer” segments—co-living (or studio BTR), suburban/garden-style developments, and SFR—are gaining traction, moving from niche concepts toward broader market acceptance. Senior rental housing is just beginning its journey but is likely to become an increasingly important part of the mix. Institutional capital is following closely behind, with growing appetite for exposure to the “living” or “beds” sectors in all their forms.
The Future
The outlook is clear: demand continues to outstrip supply, acceptance of these varied sub-sectors is growing, and capital is increasingly aligned with the opportunity set.
For investors – there is a growing selection of sub-sectors to choose from, all coming with different investment return profiles and risks. The net can be cast wider than the traditional city-centre BTR tower model.
For developers – there is increasing pressure to build more homes. Navigating evolving planning and policy reforms has been tricky but there are now multiple routes to help them meet their delivery targets.
For operators – the demographic landscape is changing. Rental living is now a lifestyle choice for all, who are expecting professionally managed, customer service focussed and tech driven living experiences, regardless of whether they live in a studio, larger apartment, or single-family house.
The Living Sector is no longer a single asset class—it’s an ecosystem. And like any good ecosystem, its strength lies in its diversity.