Australia is entering a build-to-rent boom, with thousands of apartments proposed or underway.

More developers are leading toward the model where they construct apartment buildings, but instead of selling individual units, they retain them and rent them out.  JLL says there are 9,180 operational build-to-rent apartments as of the end of 2024, with 4,147 of those built last year.

Another 8,199 are under construction, with about half of those to be completed in 2025 and a further 17,043 in the approvals pipeline. In November the Federal Government passed tax policy changes that encourage foreign investors to invest in built-to-rent projects in Australia.  State Governments are also looking to encourage the development type with various incentives being introduced or considered.

Victoria accounts for 52% of the build-to-rent pipeline, Queensland 24%, and New South Wales 7%. JLL’s head of residential research in Australia, Leigh Warner, says build-to-rent projects represent about 10% of the Australian apartment development pipeline.