A recent survey highlighted the growing crisis in Australia’s rental market, with more than half of renters feeling they have no choice but to rent.
The findings revealed that 40% of renters doubt they’ll be able to buy a home within the next five years.
With these concerns, housing advocates are calling on the Senate to pass build-to-rent legislation aimed at expanding affordable rental options.
As Parliament reconvenes, the Property Council of Australia, National Shelter, and the Community Housing Industry Association are urging the Senate to pass the build-to-rent bill with specific amendments.
These groups believe that, with the right adjustments, the bill could lead to the creation of 105,000 rental homes over the next decade, including 10,500 affordable units.
“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,” said Mike Zorbas (pictured above), CEO of the Property Council of Australia.
The survey, conducted by YouGov, showed that more than 60% of Australians support the proposed build-to-rent legislation, with backing rising to 71% among renters. Only a small portion – 13% – oppose the bill.
The findings come as nearly 80% of respondents reported a lack of affordable housing in their areas, reflecting housing affordability as a top concern after the cost of living.
The build-to-rent model, which would allow developers to construct rental-specific apartment complexes with secure, long-term leases, aims to provide renters with stability.
The proposed amendments include tax incentives to boost construction, an affordable housing requirement of 10%, and measures to ensure long-term security for renters.
“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,” said Wendy Hayhurst, CEO of the Community Housing Industry Association.
Housing experts stressed that this bill could help renters find more secure and affordable homes across Australia.
John Engeler, CEO of National Shelter in NSW, called for swift Senate action to avoid delays in addressing Australia’s housing crisis.
“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,” Engeler said.
The housing groups propose three core amendments to the build-to-rent bill:
The Property Council, National Shelter, and CHIA are ready to work with all parties to ensure this legislation moves forward, emphasising the need for resident-centered, professionally managed communities that can serve as stable, affordable rental options for Australians while enabling them to work toward future financial goals.
Get the hottest and freshest mortgage news delivered right into your inbox. Subscribe now to our FREE daily newsletter.
