Greystar has unveiled a new garden-style rental housing strategy with a target of delivering up to 20,000 professionally managed homes over the next four years.
The global investor, developer and manager of rental housing says that the development-led strategy marks the next evolution of its UK platform, expanding its focus into high-employment growth locations where housing supply has failed to keep pace with investment, job creation and population growth.
Garden-style rental housing combines lower and mid-rise homes, generous green space, shared amenities and professional management in communities designed for long-term renters. The strategy has been adapted to meet UK planning requirements, renter expectations and the needs of growing regional economies. Greystar says that, despite strong demand for high-quality rental housing, this type of professionally managed community remains largely absent from the UK market.
The strategy launches with the acquisition of a development site at Waterbeach, Cambridgeshire, from master developer Urban&Civic, where Greystar will deliver its first garden-style rental community. The development is backed by Greystar Equity Partners Europe II (GEPE II), the company’s recently closed €2.7billion pan-European residential fund, which is the largest residential fund of its kind raised in Europe to date.
Waterbeach will deliver 387 rental homes within Urban&Civic’s 6,500-home masterplan on the former Waterbeach Barracks site, four miles north of Cambridge. The development will comprise a mix of market and Discounted Market Rent homes alongside shared amenities including landscaped communal spaces, co-working facilities, a gym and more than 7,000 sq ft of retail and amenity space. A reserved matters planning application has been submitted, with construction expected to begin in Q1 2027.
Mark Allnutt, executive director – Europe, at Greystar, said: “The UK’s leading centres of innovation can only thrive if people can afford to live close to where opportunity is being created. That’s one of the biggest challenges facing our fastest-growing regional economies today.”
“Britain has a proud tradition of creating green, planned communities, from the garden cities movement to Hampstead Garden Suburb. Our garden-style approach builds on those principles to create professionally managed neighbourhoods that reflect how people increasingly want to live today.”
“Waterbeach is the first step. Backed by GEPE II, we have the capital, experience and partnerships to deliver this new approach at scale in the places where it can make the greatest economic and social impact.”
Thomasin Renshaw, managing director – UK development at Greystar, said: “Our research shows renters increasingly want homes with practical layouts, access to green space and the flexibility to work from home while remaining connected to major employment centres. Those priorities sit at the heart of our garden-style approach.”
“We’ve taken everything we’ve learned from delivering rental housing internationally and adapted it to meet UK planning requirements, local priorities and renter expectations. Waterbeach is the first demonstration of that approach, creating a blueprint we believe can be replicated across other high-employment growth locations.”
Minister for investment, Lord Stockwood, said: “The UK is a top investment destination, and Greystar’s plans to deliver up to 20,000 high-quality homes will provide a major boost to local communities while supporting economic growth in places such as the Oxford-Cambridge Growth Corridor.”
“These rental homes will support professionals in sectors like life sciences and tech – backing our Modern Industrial Strategy and ensuring the UK remains at the forefront of innovation.”
