¿Qué diferencia hay entre un BTR y una promoción para venta?

El Build to Rent está concebido para alquilar todo el edificio a largo plazo bajo una misma gestión profesional, manteniéndose como un activo patrimonial. En cambio, una promoción para venta (Build to Sell) busca la desinversión rápida mediante la venta individual de cada unidad a compradores particulares.

¿Qué documentación necesito para valorar un proyecto BTR?

Para realizar una valoración completa es necesario disponer del proyecto técnico con planos y memoria constructiva, un estudio de mercado con previsión de rentas y ocupación, un plan detallado de gastos operativos (opex) y un presupuesto de inversión (capex) que contemple todos los costes de construcción, licencias y puesta en marcha.

¿Qué cap rate se aplica para valorar un BTR?

El cap rate varía en función de la ubicación del activo, la calidad de construcción, el nivel de servicios y la estabilidad de los flujos de caja. En general, se recurre a transacciones recientes de proyectos comparables en mercados similares para determinar un cap rate de mercado ajustado a cada caso concreto.

¿Se puede valorar un proyecto antes de estar terminado?

Sí, en fases de planificación o construcción se emplean métodos de coste y modelos de flujo de caja descontado (DCF) que actualizan los ingresos y costes proyectados a una tasa de descuento acorde al riesgo de desarrollo.

¿Qué es un servicio de tasación?

Un servicio de tasación es un proceso oficial llevado a cabo por entidades de tasación homologadas por el Banco de España bajo la orden ministerial ECO/805/2005, la cual precisa con criterios técnicos y específicos el valor final de un inmueble. Es necesario en operaciones hipotecarias y de otra índole legal, sirve para establecer un valor objetivo.

¿Cuánto se cobra por una tasación?

El precio de una tasación varía según la ubicación y tipo de inmueble. En Grupo Tecnitasa, te ofrecemos tarifas competitivas, rapidez y la garantía de más de 40 años de experiencia. Solicita tu presupuesto sin compromiso. ¡Contáctanos!

¿Qué se necesita para tasar una propiedad?

Es necesario contar con documentación básica del inmueble, como la nota simple, escrituras, planos y referencias catastrales, para realizar un análisis completo y objetivo.

Valuation of build to rent promotions

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The valuation of Build to Rent (BTR) developments has become an essential service for all those players in the real estate market seeking to make their investments profitable through long-term rentals. This model, which places the tenant at the center of the strategy and groups the management of all the properties as a single asset, is experiencing unprecedented growth in Spain. For financial institutions, investment funds, SOCIMI managers and developers, having a professional valuation report is key when making decisions on financing, sale and purchase, feasibility analysis or attracting new investors.

What is Build to Rent and why value it?

The Build to Rent concept refers to residential developments designed from the outset to be operated on a rental basis, managed entirely by a single owner, which is generally an investment fund, an asset management company or a SOCIMI. Unlike Build to Sell projects, in which the ultimate objective is the sale of each unit to individual buyers, BTR conceives the building as a single asset that must generate stable income over time.

Professionally valuing a BTR project involves much more than assigning a monetary value to the construction cost or market price of individual homes. It involves assessing the real capacity of the residential complex to generate a steady cash flow, weighing the risks associated with vacancy and tenant turnover, and establishing the expected net profitability based on best management practices. A rigorous report approved under international standards provides the necessary transparency for banks and funds to grant financing under optimal conditions, for investors to compare opportunities in different locations and for developers to adjust their business strategies at a very early stage.

Difference vs. Build to Sell promotions

In real estate, Build to Sell is a classic model in which the developer builds homes and then markets them individually. The profit margin is the difference between the total cost of the project and the selling price that buyers are willing to pay for each unit. In contrast, Build to Rent allocates all the homes to rent under a single management, so that the asset is revalued not by the sale, but by the obtaining of periodic rents and by the future appreciation of the property as a whole. The continuity of operation and the professionalization of management give the BTR a long-term vision that differs radically from the inventory turnover associated with the BTS.

Real estate assets with long-term profitability

Build to Rent represents an institutional investment in which, beyond the physical characteristics of the property – location, size, qualities –the determining factor is the stability of the income flow. The concept of a “profitable asset” implies understanding the residential complex as a source of recurring cash flow. Thanks to its professional and scalable nature, a BTR with efficient management minimizes income volatility and offers investors a real estate product aligned with the preferences of the fixed income and equity markets.

Factors influencing the valuation of build to rent developments

The correct valuation of a BTR project requires a detailed analysis of multiple variables that determine both the revenue potential and the associated risks and costs. These factors include urban, technical, financial and operational aspects, each of which can have a significant impact on the final value of the asset.

Location and rental demand

The location of the development is the main pillar that sustains the profitability of a BTR. Projects located in cities with high employment density and strong attraction for groups such as young professionals or families present a solid rental demand, which translates into lower vacancies and higher rental prices. Areas with good transport connections, proximity to workplaces, educational infrastructure and health services tend to have high occupancy rates. The valuation report analyzes demand and supply indicators, market research and comparable rental transactions in metropolitan areas to accurately gauge rental and vacancy expectations.

Occupancy level and rents per unit

Analysts start from the Gross Rental Income (GRI) estimate, which represents the sum of the expected gross rents of all homes in a year. The expected occupancy rate is applied to this figure. A BTR with a stable occupancy, above 95%, provides greater certainty in cash flows and reduces vacancy risk. The valuation details the optimistic, base and pessimistic scenarios, considering variations in market prices, seasonal demand and the evolution of the economy. This quantifies the sensitivity of the asset value to changes in rents or occupancy.

Services and professional asset management

The professionalization of management is one of the great differential values of the BTR compared to other rental housing models. Additional services such as 24-hour doorman and concierge, maintenance, gyms, coworking rooms, home automation systems for consumption control and mobile applications for interaction with the landlord and the community of neighbors enrich the value proposition and foster tenant loyalty. An experienced manager optimizes maintenance contracts, controls operating costs and executes marketing strategies to maintain high occupancy rates. The valuation report quantifies the impact of these services on the rental premium and reduced turnover.

Project composition (number and type of dwellings)

The mix of housing typologies is fundamental to attract different tenant profiles and diversify risk. A project that combines one-, two- and three-bedroom apartments, with well-distributed floor areas, balconies or terraces, and quality common areas (gardens, coworking rooms or gyms) increases its attractiveness. The heterogeneity of the housing stock makes it possible to adjust supply to the real needs of demand, optimize occupancy and, consequently, improve income. The valuation takes into account the total square meters, the average surface area per unit, as well as the added services that may justify rental premiums.

When can a BTR promotion be evaluated?

The development phase of a BTR project determines both the availability of data and the valuation methodology. There are three main moments in which the analysis is carried out: planning or pre-project, construction or pre-commercialization and stabilized asset in full operation.

Planning or preliminary design phase

At this initial stage, actual occupancy and final construction cost data are not yet available. The analyst prepares a feasibility study based on revenue assumptions based on market research, occupancy forecasts and estimates of capex (construction and start-up costs) and opex (annual operating expenses). Discounted Cash Flow (DCF) models are used, which discount projected cash flows at a discount rate appropriate to the development risk. The report defines key variables such as expected profitability, stabilization time and the minimum occupancy threshold required to reach break-even.

Construction or pre-commercialization phase

With the work in progress and costs already committed, the valuation adopts a mixed approach combining the cost method and DCF. Value is established as the sum of costs incurred to date plus a reasonable development margin, plus projected future revenues. Reservations or pre-leases can already be made at this stage, providing greater certainty of future cash flows. The report incorporates an analysis of the commercial pipeline and possible penalties for delays, as well as a breakdown of budget variances.

Stabilized asset (in full operation)

When the building is already completed and with significant occupancy, the valuation is based on actual income and expense data. The NOI is calculated from consolidated figures and the cap rate resulting from recent comparable transactions in the market is applied. At this point in time, the asset value fully reflects the market’s perception of the quality of management, local demand and the evolution of rental prices. Sustainability indicators, such as energy efficiency or adaptation to future regulations, which may influence the final valuation, are also analyzed.

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Are you looking for a professional appraisal of your Build to Rent development? Request a no-obligation quote!

In Tecnitasa Group we combine the experience of more than 40 years in the market to offer Build to Rent valuations. Our reports are accepted by banking entities, they are custom designed for each phase of the project, from the initial feasibility to the stabilized operation. If you are a developer, SOCIMI or investor interested in knowing the real value of your asset, do not hesitate to contact us for a no obligation quote.

Frequently Asked Questions about Build to Rent

What is the difference between a BTR and a sales promotion?

Build to Rent is conceived to rent the entire building on a long-term basis under the same professional management, remaining as a heritage asset. A Build to Sell development, on the other hand, seeks rapid divestment through the individual sale of each unit to private buyers.

What documentation do I need to value a BTR project?

For a complete valuation, it is necessary to have a technical project with plans and construction report, a market study with rental and occupancy forecasts, a detailed plan of operating expenses (opex) and an investment budget (capex) that includes all construction, licensing and start-up costs.

What cap rate is applied to value a BTR?

The cap rate varies depending on the location of the asset, the quality of construction, the level of services and the stability of cash flows. In general, recent transactions of comparable projects in similar markets are used to determine a market cap rate on a case-by-case basis.

Can a project be valued before it is finished?

Yes, in the planning or construction phases, cost methods and discounted cash flow (DCF) models are used that update projected revenues and costs at a discount rate commensurate with the development risk.