Huge build-to-rent project to help provide affordable housing | 9 news Australia

Build-to-Rent Developments in Sydney

Overview of Build-to-Rent Concept

• The proposed development aims to address Sydney's rental shortage by creating apartments that are built for renting only, not for sale.

• A significant project is being proposed in Marrickville, which would be the largest build-to-rent development in New South Wales, featuring 1,190 new homes.

Project Details and Affordability

• The $1.5 billion project is touted as one of the most affordable options available, contrasting with typical premium-priced rental products.

• Long-term leases will be offered to residents, addressing the need for stable housing in under-supplied areas like Marrickville.

Current Rental Market Conditions

• Sydney's rental prices have stabilized at an average of $730 per week over the last two quarters after a period of extreme conditions.

• Experts note an increase in property offerings with added incentives such as free rent weeks due to higher supply levels.

Future Aspirations and Market Impact

• Currently, build-to-rent units represent only 1% of Sydney's rental market; however, there is optimism about increasing this figure significantly.