More than one-third of households renting in regional NSW are experiencing rental stress, leaving a large portion of the population vulnerable to changes in interest rates, wages and rental prices.
While Build to Rent is very common in European and North American cities, it is only just taking hold in Australian cities. However, investors have not yet ventured into regional areas, which is why the NSW Government is backing Build to Rent in regional NSW.
The two pilot projects will deliver supply into regional housing markets and increase affordability in areas feeling the combined stresses of rising rents and lack of housing availability.
As a NSW Government owned development organisation, Landcom is well suited to coordinate planning, approvals and construction of these projects. The NSW Government is funding development and will retain ownership of the housing, which will be managed by a suitable government agency or a community housing provider.