The number of homes built explicitly to rent out is set to take off in Australia over the next five years, housing industry experts have predicted.
They’ll be nothing like we’ve seen before, either, with building managers looking after apartments, staff to look after leases and run “community” events, and onsite cafes, shops and work spaces. There will also be long-term rolling leases with the potential for tenants to transfer to other allied blocks in different areas if their jobs or circumstances change.
Build to Rent, an alternative model of development where developers design and build residential property specifically for long-term rental, is well-established overseas, particularly in the US. It is now gaining momentum in Australia and has the potential to deliver the homes we need, and fast.