According to The Australian Financial Review, the NSW government will establish a working group to look at creating a 'build-to-rent' housing sector in NSW, Treasurer Dominic Perrottet said at a Property Council lunch in Sydney on Friday.
The "build-to-rent" industry known overseas as the "multi-family" or "private rental" sector involves institutional groups building masses of apartments to lease on a long-term basis, sometimes indefinitely. A single corporate landlord manages all leases and amenities.
It is thriving in the US and in Europe, but is non-existent in Australia.
The NSW treasurer said the sector was an important part of a solution to solve the housing affordability challenge in NSW.
"Creating a sustainable, affordable housing market in NSW means providing a diverse range of housing options and build to rent could be a viable choice to provide certainty and security of tenure to people who want to rent rather than buy," Property Council NSW executive director Jane Fitzgerald said.
"We look forward to working with the NSW government on the working group to develop the build-to-rent sector further in NSW."
Mirvac, a supporter of the "build-to-rent" movement, had previously told The Australian Financial Review it was gearing up plans for build-to-rent projects, and earlier this week added it would launch the country's first major build-to-rent apartment block, with the backing of major superannuation funds.
Another leader in the space, Greystar and Macquarie Group which last year formed a joint venture, are also looking to roll out build-to-rent properties in Asia Pacific.
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