19 Build To Rent developments in the NSW Planning system

Despite over 55 retirement living homes being built nationally, there are not even close to the scale of Build to Rent developments.

Parramatta MP Donna Davis, in announcing the NSW Government is supporting Urban Property Group Fitzwilliam’s plans for a two-tower Build To Rent development with 316 units in Parramatta, said there were 19 Build To Rent developments in the NSW Planning system.

“Build to Rent projects like these are vital to help people in need get a roof over their head and provides a new level of housing,’’ she said.

“Projects like these could pave the way for approximately 6600 new homes with more than 2400 earmarked for Parramatta alone.

“It’s great to see this Build To Rent proposal moving through the planning system to offer tenants long-term security over their lease.’’

In NSW, Build To Rent is described as large-scale, purpose-built rental housing that is held in single ownership and professionally managed.

Melbourne had more than half of all Build To Rent projects completed in Australia last year and 83% of the total number of units built – 1,600 in total.

The number of Build To Rent properties in Australia is set to reach 16,000 by 2027. By comparison, there are over 2,200 retirement villages, providing accommodation for over 170,000 seniors over the age of 55.

The SOURCE: Build To Rent will hurt retirement village owners if there is not more supply in the retirement living sector