The Property Council of Australia has spoken out in favour of the NSW Government’s new measures to help boost the growth of the ‘build-to-rent’ sector.
“The incentives announced today will help to attract institutional investment into new housing, giving the one-third of Australian households who rent their home more choice, certainty and better amenity,” said the Property Council’s Chief Executive, Ken Morrison.
“Build-to-rent improves the resident experience, can offer longer-term tenure, provides professional lease and facility management, while adding to the spectrum of rental housing options,” Mr Morrison said, calling the announcement “a very welcome shot in the arm for new housing construction” amidst the pandemic.
“Build-to-rent has flourished overseas and it’s great to see the NSW Government taking the steps necessary to support the growth of the sector locally by providing a clearer pathway for investors and removing tax disincentives which have held back the sector’s potential,” Mr Morrison said.
The build-to-rent model has flourished in US and the UK.
The new planning policy includes proposed development standards for build-to-rent projects, including “design, guidance on context and character, sustainability and amenity”.
‘With this package of investment incentives and the right planning framework, NSW is poised to lead the nation in the development of this new type of housing to deliver better outcomes for people who rent as well as support new housing construction,” Mr Morrison said.