This paper analyses ‘Build to Rent’ (BTR), a new form of tenure in London’s housing market. We examine the ways in which private and public sector actors have shaped the context of BTR’s emergence, and developed a model for delivery in London. We argue they relied on and constructed narratives of negativity about the private rental sector, which were juxtaposed with their product to position BTR as a solution to part of London’s housing crisis. Building on this, and leveraging an emerging but supportive institutional context, real estate professionals have adapted a US model to the UK. We argue that both the narrative-generating activities and the model development reveal tensions, which help theorise the ways new models of financing housing emerge.

本文分析了伦敦房屋市场的一种新形式的“按需建造”（BTR）。我们研究了私营和公共部门参与者如何塑造BTR出现的背景，并开发了在伦敦交付的模型。我们认为，他们依赖并构建了关于私人租赁部门的消极叙事，这些叙事与他们的产品并列在一起，从而将BTR定位为伦敦住房危机的一部分解决方案。在此基础上，并利用新兴但支持性的机构环境，房地产专业人士已将美国模式改编为英国模式。我们认为，叙事活动和模型发展都揭示了紧张关系，这有助于理论化新的住房融资模型的出现方式。