The current state of Australia’s housing market is pressured, to say the least. New apartments and built-to-rent developments still lag behind demand, and although some states show promising growth in stock, forecasts from the National Housing Supply and Affordability Council estimate that by 2029, the government’s aim to construct 1.2 million new homes will fall short by around 20%.
Pure unit numbers are only part of the conversation surrounding multi-residential projects, however. Shifting expectations and regulations mean developers have to balance sustainability, energy efficiency, long-term maintenance and security to create homes that people actually want to live in.
What Australian renters look like today
Australia is home to 1.6 million renters, and as both the housing and job markets continue to evolve, the profile of your average renter expands alongside them. Half are single or sole parents, a third are in couples or renting with housemates, and around a third earn over $100,000 a year.
Location continues to be a driving force among renters. Metropolitan areas like Sydney, Surry Hills, Melbourne and Brisbane, all major employment hubs for tech, professional services and healthcare, are fittingly seeing the greatest push for multi-residential projects.
As renters are decidedly moving towards longer tenancies, with around 25% saying they aim to stay in their accommodation for over five years, security has grown on their list of priorities. Multi-residential properties in competitive markets offer parking, co-working spaces, mail rooms, package lockers and general common spaces, all great marketing features that require around-the-clock supervision. One way management can instil this sense of security is by deploying 24-hour on-site security teams and commercial security cameras throughout common areas.
Efficiency through design
High-density build-to-rent projects have been floated as a solution to Australia’s lengthy zoning and land release process for some time. Just as red tape and upfront costs pose obstacles to construction, ongoing operating costs mean future projects will likely see leaner staffing and rely on centralised management to maintain visibility and deliver the level of service renters deserve.
Digitised “smart buildings” reduce costs by consolidating the systems that govern lighting, HVAC, lifts, security and energy through one platform. These metrics provide real-time insights into building functions, allowing operators to schedule predictive maintenance when an elevator or generator shows signs of strain and to optimise energy consumption in communal spaces based on occupancy patterns.
Having granular access to building functions can lower operating costs, help developers meet their sustainability requirements and, above all else, deliver a great standard of service for residents.
An emphasis on flexibility
The renter and worker landscape has changed significantly over the past decade and will continue to change.
Remote and hybrid arrangements mean renters are spending more time at home and are looking for locations with co-working spaces, great connectivity, and private meeting spaces. Increasingly eco-conscious Australian drivers are swapping their petrol cars for EVs at an impressive rate and expect access to home charging stations.
Government mobility requirements, such as the National Construction Code on livable housing requirements, rightfully continue to expand to ensure that physically impaired and aging residents can live in comfort.
Existing properties built when design assumptions were much more fixed face the expensive and logistically complicated job of adapting to these shifts through retrofitting, which is why flexibility has become a core philosophy among modern multi-residential projects. Buildings are made accessible and worker-friendly, with enough wriggle room to incorporate new security and design features as expectations and regulations grow. Construction and design have become modular and open, minimising the financial impact of broad, sweeping infrastructural changes.
Tackling Australia’s housing crisis the smart way
A focus on density above all else will put more homes on the market and go some way towards addressing Australia’s demand-supply imbalance. This approach bears some similarities to the financial practice of quantitative easing, though, as it aims to address the greater economic concern by side-stepping the underlying issues. More properties must be built, but they have to be built where people want to live, and to a standard that will encourage them to stay.
Prioritising a strong residential experience through adaptable design, energy efficiency, and integrated security allows builders to set their multi-residential projects apart in a competitive landscape. Rented apartments are now seen by many as long-term housing solutions, and this arrangement can be leveraged to ensure consistent returns for property owners, provided these homes are built to encourage continued occupancy.
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