The concept is a residential apartment development project where all the apartments are owned and controlled by a single party and leased out to tenants over a specific period. The concept relies on private real estate developers to provide an alternative to the traditional idea of homeownership.
From the apartment block, the developer will then sell each unit to a tenant who then subsequently lives in the home. The concept is an investment program for the private developer as the apartments are constructed explicitly for the rental market and not for mortgages.
For your apartment block to qualify as a build to rent, the minimum number of units in the apartment block must be at least fifty houses owned and managed by a single individual or group. For example, an apartment block under a BTR model protects tenants from excessive fees and unscrupulous landlords and provides quality homes at an affordable price to many individuals.
The sector has grown and is prominent in the USA and UK, where homes are being built for long-term rental purposes instead of houses constructed for a mortgage. The BTR apartments provide well-managed and high-quality rental apartments that most tenants want.
In the UK, the government has backed up the BTR apartments to eliminate the housing crisis in the National Planning Policy Framework. In addition, the government offers developers tax incentives so that the citizens can receive affordable housing in the form of affordable private rent.
In the USA, a corporate owner builds and leases out an entire community of homes and has them managed professionally. The BTR concept is highly desirable and has been an alternative to traditional homeownership since the 2007 market crisis. The market contains homes for many tenants ranging from single-family to duplexes.
The build-to-rent concept is relatively new in Australia since the traditional approach to housing is preferred. The conventional idea is believed to provide a steady flow of income, better housing conditions, and security of tenure in the rental market.
Australia’s build-to-rent sector is gaining traction as a viable investment option, and private developers are more willing to invest in the industry. The government is implementing incentives and schemes that promote BTR as a potential solution to the affordable housing crisis. However, the government is yet to implement tax concessions to support and encourage BTR apartments.
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