Build-to-rent has been a successful model in major cities across the world and now it’s making waves in Australia with HOME, a developer offering premium residences in desirable locations.
The innovative build-to-rent approach – where the developer retains ownership and rents out properties directly to residents – typically comes with flexible lease agreements and luxury amenities as part of a community.
HOME Southbank offers renters a chic inner-city lifestyle.
With communities now well-established in the popular inner-city suburbs of Richmond and Southbank, HOME appeals to Melbourne renters who want to live in style, close to amenities, with more flexibility and agency than traditional renting.
HOME is a Australia’s market leading brand in apartment rental communities.
Located on City Road in the buzzing heart of Melbourne, HOME Southbank offers a range of one, two and three-bedroom apartments for renters, either furnished or unfurnished.
The architecturally designed industrial-chic building is a stylish sanctuary within the city, where residents can enjoy the best of Melbourne attractions, from arts and culture to sports and dining destinations.
Access to this sought-after address offers a premium lifestyle typically reserved for owner-occupiers, including luxury amenities and hotel-style services within the development.
“HOME now proudly accommodates over 1,200 residents and a thriving community across its portfolio,” says Christian Grahame, Head of HOME.
Functional and stylish interiors are part of the elevated renting experience.
“HOME’s approach has been honed by insight and experience and we continue to learn about our residents’ preferences and requirements, following on from the launch of HOME Southbank and HOME Richmond.
“As an integrated creator and operator of rental communities it has access to rich insights which are part of its approach to innovation and continuous improvement.”
Data from HOME’s biannual resident surveys shows an over 85% resident satisfaction rate in its most recent review, across 24 key customer value markers, with 40% of these residents indicating it exceeded their expectations.
Reviewing the future of renting
Many renters are leaning towards the build-to-rent model despite paying more of a premium as it offers a strong alternative to traditional renting, which is becoming increasingly competitive and expensive across Australia.
“Build-to-rent could play a critical role in helping to increase the supply of rental properties over the coming years,” says PropTrack economist Anne Flaherty.
“There is a critical shortage of rental properties available in Australia, with the vacancy rate sitting at just 1.06%, and there are strong indications this is likely to worsen.
Living among like-minded people is part of HOME’s appeal.
“Migration has and will continue to be a key driver of the need to supply more rental properties. Around 70% of new migrants rent when they first move to Australia, according to Urbis, and remain more likely to be renters than owners for the first eight years.”
Not only will build-to-rent help alleviate some of the pressure on the worsening rental market but can answer many frustrations experienced in traditional tenancy arrangements.
For example, the option of signing multi-year leases, which means settling in without worrying about the landlord moving back in or selling, along with flexibility around what you can and can’t do within the property.
Painting the walls, hanging pictures and having pets are all permitted without having to ask for permission.
Rent and connect
Renting at HOME means living among like-minded people who rent by choice, and have invested in an elevated experience of renting.
With shared areas including a co-working hub with high-speed wi-fi, private dining, and world class-gym and wellness areas, HOME has been designed to provide residents with space and the opportunity to connect.
Luxurious spaces encourage connection.
Whether prospective residents are relocating from interstate or overseas, HOME’s fast and easy application process and furnished packaged options takes a lot of the worry out of the often-daunting moving experience.
A dedicated community and events manager organises a monthly calendar of events at HOME Southbank and HOME Richmond, with events including art tours, wine and cheese nights, movie screenings, local neighbourhood walks and pet-related gatherings.
It’s not uncommon for apartment developments to offer an array of amenities to residents, but HOME has some standout inclusions.
HOME Southbank offers a diverse range of health and wellness spaces for its residents, meaning many can cancel expensive fitness memberships.
Facilities include a state-of-the-art gym with personal training, a luxurious indoor pool, outdoor workout areas, a spin studio and a yoga/Pilates studio.
Residents also don’t have to wait for their property manager to organise repairs in the apartment – when something goes wrong, resident services are quick to respond with an on-site handyman.
For tenants with a furry friend, there’s add-on services including an in-house pet spa for pampering and grooming, as well as dog-walking.
Furnished and unfurnished rental options are also available.