Chances are you’ve not heard about build-to-rent projects, which isn’t surprising. While build-to-rent occurs quite significantly in foreign housing marketing such as the United States where it accounts for about 12% of the housing market and the UK where it is about 5%, in Australia BTR’s account for just 0.2% according to a recent report by Domain.
This means, of the 2.5 million rental properties in Australia, the majority are individually owned by investors. The concept behind BTR’s is apartment-style rental accommodation that is built, owned and managed by a corporation. This would create more sustainable options for long term tenancies with increased permanency and affordability.
An increase in build-to-rent apartments in Australia from 0.2% to about 3% would mean a rapid injection of approximately 350,000 extra homes for rent, the Domain report says. Currently Melbourne leads the way with the biggest BTR market share in Australia at 48% followed by south-east Queensland with 39%.
Could they be the answer? Experts do suggest build-to-rent projects may resolve our affordability and availability issues in the rental property market.
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By Wendy Chamberlain
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With a passion for all things real estate spanning 20 years, Wendy loves that her role as a Buyers and Sellers Advocate gives her buying and selling clients an experienced voice they can trust when it comes to negotiating to buy or sell something as important as their home or investment. Wendy considers it a privilege to be asked to help others realise such an important goal as home ownership and to be trusted with that honour. Get in touch today via www.chamberlainadvocates.com.au for a no obligation chat about how Wendy can work with you and help you save time and money to secure your new home sooner.