Over half of Australian renters feel stuck with no choice but to rent, as 4 in 10 believe they won’t be able to buy a home in the next five years, according to a new survey.
As Parliament reconvenes, the nation’s peak housing groups are urging Senators to pass build-to-rent legislation with critical amendments to expand the supply of rental housing.
The joint call from the Property Council of Australia, National Shelter and the Community Housing Industry Association said EY research shows if the legislation passes with proposed changes, 105,000 new homes could be delivered over the next decade, including 10,500 affordable rentals – a significant boost to housing supply during a national crisis.
Over 60 per cent of Australians support the build-to-rent legislation with the industry bodies’ proposed amendments, rising to 71 per cent among renters. Only 13 per cent of respondents opposed the proposal.
The YouGov survey of over 1,500 Australians for the Property Council shows nearly eight in ten Australians feel there is a lack of affordable housing in their area, with housing affordability the second-highest concern among respondents, coming just after cost of living.
The survey comes out as the Australian Government has in front of the Senate a scheme that would allow build-to-rent projects, which are apartments owned and developed specifically for renters, to be invested in as easily as commercial property.
Property Council of Australia Chief Executive Mike Zorbas said the Senate must seize this historic opportunity to address the housing shortage.
“With the right amendments, this legislation is the best and cheapest way for the Federal parliament to add 105,000 new rental homes to supply across Australia over the next decade,” Mr Zorbas said.
“This is two and a half times the number of new homes to be delivered under the welcome Housing Australia Future Fund,” he said.
Wendy Hayhurst, CEO of CHIA, urged all Senators to prioritise the BTR legislation this week.
“Passing this bill with our amendments could rapidly inject 1,200 affordable rental homes into the market, providing relief to those facing steep rent increases as the National Rental Affordability Scheme winds down,” Ms Hayhurst said.
“The Senate has the power to make a real difference this week. The housing crisis demands immediate action, and this bill offers a concrete solution,” she said.
John Engeler, NSW CEO, National Shelter, said the proposed legislation from the housing bodies can create greater security of tenure for renters.
“By passing this bill with amendments, the Senate can improve housing security and availability for countless Australians. We cannot afford to delay action any longer,” Mr Engeler said.
“We can help improve renting in Australia by amending legislation to provide for longer leases, ‘no cause’ evictions, and better target affordable rentals,” he said.
The organisations are calling for amendments to the bill that would:
- Adjust tax settings to encourage build-to-rent housing growth
- Refine the 10 per cent affordable housing requirement within build-to-rent projects
- Introduce measures to enhance security of tenure for renters.
The national housing peaks are ready to work with all parties to ensure the passage of this critical legislation.
Build-to-rent housing offers resident-centred, professionally managed communities, growing the availability of affordable and market-rate rental housing. It provides the flexibility of renting with long-term lease stability, allowing people to save toward future goals like home ownership.
