The plight of renters is so bad that the Senate is holding an inquiry into the worsening rental crisis in Australia, while theBuild-to-rent housing, where a developer constructs an apartment block and then holds and manages it, is long-established in Europe but a newcomer to Australia. Could it be part of the solution?Data from the Property Council of Australia shows build to rent properties make up just 0.2 per cent of Australia’s housing market compared with 5.
The NSW government introduced tax concessions and planning reforms in 2020 and 2021 to encourage new build-to-rent housing. The state significant development threshold for developers to bypass local councils and lodge build-to-rent plans with the Planning Department was lowered from $100 million to $50 million in Greater Sydney and $30 million elsewhere.
“We provide onsite property maintenance and customer service via a simple app, all white goods included in each apartment and pets are welcome, and our residents can paint their walls and hang pictures,” Buckley says. Urban’s chief executive, Patrick Elias, says the build-to-rent model provides residents with greater security of tenure.
Build-to-rent is not affordable housing, she says, “nor is it trying to be”. “But there’s nothing stopping government from partnering with developers in areas of high need to subsidise housing for key workers.”The 2022 research led by University of NSW’s City Futures Research Centre senior research fellow Chris Martin found there were about 11,800 build-to-rent units in Australia – mostly operated by Meriton.
comprises apartments it calls Teilhaus-style, which means “part of house” in German. They are more affordable because they do not have individual laundries, parking spaces or second bathrooms, says its chief executive, Dan McKenna.Rhett Wyman Macquarie University research fellow Alistair Sisson says the greater security of tenure potentially offered by build-to-rent comes at a price. “This is partly because it’s new stock – and for apartments, new stock typically rents for a premium – and partly because it can offer more security than the conventional private rental,” he says. “It’s likely that it’ll continue to be a premium product while tenancies in the private rental sector remain as insecure as they are.
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