- The ACT government is taking steps toward establishing Build-to-Rent homes
- The Build-to-Rent model is designed to provide long term residential housing
- This is in an effort to elevate pressure on the tight rental market
The ‘Build-to-Rent’ model looks like it will be making an appearance in the ACT in an effort from the government to bring more housing options to the territory.
True to their name, Build-to-Rent properties focus on increasing the long term supply of rental housing. They are designed with the needs of renters rather than buyers in mind.
The model is a part of the ACT Housing Strategy to improve rental supply and affordability.
Rental Vacancy Rate Canberra
A market sounding process for Build-to-Rent in the ACT is to start today (11/11/2021), through which the government is seeking feedback and interest on bringing Build-to-Rent to Canberra, Chief Minister Andrew Barr explained.
“We believe Build-to-Rent offers a great opportunity for industry investors looking for long term options that will also help to improve housing availability, diversity and choice,” said Chief Minister Barr.
The feedback process will be run through the ACT’s Suburban Land Agency accepting feedback from both prospective investors and the community housing sector as well as others who have an interest in Build-to-Rent models in Canberra.
If it comes to fruition, the Build-to-Rent model will help address rental supply which is likely to elevate pressure on rental prices.
Weekly Rental Asking Price Canberra
“The ACT Government committed $720,000 in the 2021-22 ACT Budget to investigate Build-to-Rent and seek feedback from the market on building and operating long-term Build-to-Rent developments with affordable rental housing on land release sites in Turner and Lawson,” Chief Minister Barr said.
Minister for Housing and Suburban Development, Yvette Berry said the program will help bring affordable housing to the community.
“Most importantly, we are making a difference to the sustainable supply of housing for households at all income levels.”
Yvette Berry, Minister for Housing and Suburban Development
“The Build-to-Rent model is just one of the many ways we are working to meet the Territory’s diverse and changing housing needs now and into the future.