UniLodge Living Group chief executive Tomas Johnsson is seeking tenants for 340 build-to-rent homes across Geelong over the next two years.
The rollout of 340 affordable new build-to-rent properties across Geelong could provide a lifeline to cash-strapped tenants over the next two years.
Qualified renters stand to save about $135 a week on the typical house offered through Essence Homes’ new national rental platform.
Properties on the platform are generally priced 25 per cent below market rates, with long-term leases of up to five years available.
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Essence Homes, part of UniLodge Living Group, is targeting the Greater Geelong region for a build-to-rent expansion as it seeks applications for 1023 residences across Victoria by 2028.
Locally, it will manage hundreds of new two, three and four-bedroom homes on behalf of developers across three Armstrong Creek estates, Glen Lee, Haymont and The Reserve, and Curlewis Estate.
Seven properties are due to go live in December, with the rest available on the platform as construction is completed over the next two years.
The homes are being built with support from the $10b Housing Australia Future Fund, which aims to boost social and affordable housing stock.
Essence Homes spokesman, UniLodge Living Group chief executive, Tomas Johnsson said the Geelong offerings were aimed at middle-income earners priced out the private rental market.
A sample of new build-to-rent properties that will be available at below market rent through Essence Homes new platform.
A sample of new build-to-rent properties that will be available at below market rent through Essence Homes new platform.
He said while the first generation of built-to-rent properties in Victoria were “sexy” inner city apartment buildings catering to professionals and couples, the new stock was aimed at families in middle to outer ring suburbs.
“We think that is the greatest need in terms of affordable housing currently so we are really excited to be able to support the affordable aspect of housing,” Mr Johnsson said.
“It is targeted at particular people, low to middle income earners, key workers, nurses and school teachers, so it’s really quite exciting from our perspective because we think that’s a gap in the market that has just started to be filled.”
Prospective tenants must meet federal government affordable housing eligibility guidelines, for example a gross household income between $68,293 and $153,966 for a three-bedroom family home.
A sample of new build-to-rent properties that will be available at below market rent through Essence Homes new platform.
Mr Johnsson said they would be offered greater offered protection against displacement, which was a big concern in Australia’s volatile market.
“With build-to-rent it is not a person that has bought that home for investment purposes that can change their mind tomorrow and move back in,” he said.
“This is built and designed specifically for the purpose of having long tenures so people can move in there and be stable and make friends and go to school and be safe in the knowledge they’re not going to be kicked out of the home.”
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