Mirvac is betting on the build-to-rent market in a big way, with plans to develop and manage 5000 build-to-rent apartments across Australia within the next five years.
“That’s our goal,” Mirvac boss Susan Lloyd-Hurwitz says.
“We’ve got four buildings that we control, one just completed and three in Melbourne that we’re starting construction on.”
Rather than hoping to corner this market, Ms Lloyd-Hurwitz wants to see other players get involved in build-to-rent.
“There needs to be an industry, not just a single company,” she said.
“In the US it is the single most valuable income stream and highly sought after by investors. And I would hope that in five years’ time that we’ve proven that as well that not only do customers love it, but investors love it as well.”
In late July, the NSW Government introduced new measures to help boost the growth of the ‘build-to-rent’ sector.
“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,” said the Property Council’s Chief Executive, Ken Morrison.
“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.”
