The Developers Who Led the Way for BtR in 2025

Across 2025, Australia’s build-to-rent sector continued to transition from a niche concept to a major force in the housing market with a national pipeline of about $30 billion.

There are now nearly 40,000 apartments across more than 100 projects under way or planned across the country.

Institutional investors including super funds and major developers continue to drive much of this growth, particularly in Victoria, NSW and Queensland, as demand for long-term rental housing remains strong amid persistent housing supply shortages.

While completions are forecast to hit record levels this year, analysts warn that high construction costs and a thinning pipeline beyond 2025 could slow momentum unless policy and market conditions improve.

Here are the top players in the sector for the year according to data from MSCI Real Capital Analytics.

Coronation Property

Company: Coronation Property
Investor type: Private Developer
Country of origin: Australia

Estimated construction value (Past 5 years): $2.33 billion
Number of build-to-rent projects (Past 5 years): 4

• Precinct 75 | Sydney
• Erskineville BtR | Sydney
• Mason & Main – Stage 1 | Sydney
• Charlie Parker | Sydney
  
  

Deicorp

Company: Deicorp
Investor type: Private Developer
Country of origin: Australia

Estimated construction value (Past 5 years): $2.26 billion
Number of build-to-rent projects (Past 5 years): 3

• The Avenues | Sydney
• Showground Pavilions | Sydney
• Tallawong Village – Stage 2 | Sydney
  
  

Lendlease

Company: Lendlease
Investor type: Real Estate Operating Company
Country of origin: Australia

Estimated construction value (Past 5 years): $1.45 billion
Number of build-to-rent projects (Past 5 years): 3

• 899 Collins Street | Melbourne
• West Tower | Melbourne
• Exhibition Quarter BtR | Brisbane
  
  

Pensioenfonds ABP JV La Caisse

Company: Pensioenfonds ABP
Investor type: Pension Fund
Country of origin: Netherlands

Company: La Caisse
Investor type: Investment Manager
Country of origin: Canada

Estimated construction value (Past 5 years): $1.2 billion
Number of build-to-rent projects (Past 5 years): 4

• Scape Lachlan | Sydney
• The Claremont | Melbourne
• The Yarra | Melbourne
• The Gladstone | Melbourne
  
  

OMERS

Company: OMERS
Investor type: Pension Fund
Country of origin: Canada

Estimated construction value (Past 5 years): $1.1 billion
Number of build-to-rent projects (Past 5 years): 3

• Indi Southbank | Melbourne
• Indi Footscray | Melbourne
• Indi Sydney City | Sydney
  
  

Mirvac Group

Company: Mirvac Group
Investor type: Public REIT
Country of origin: Australia

Estimated construction value (Past 5 years): $1.02 billion
Number of build-to-rent projects (Past 5 years): 3

• LIV Albert Fields | Melbourne
• LIV Aston | Melbourne
• LIV Anura | Brisbane
  
  

GIC JV Grocon

Company: GIC
Investor type: Sovereign Wealth Fund
Country of origin: Singapore

Company: Grocon
Investor type: Dev/Own
Country of origin: Australia

Estimated construction value (Past 5 years): $1 billion
Number of build-to-rent projects (Past 5 years): 3

• Home Albert Park | Melbourne
• Home Docklands | Melbourne
• Home Parramatta | Melbourne
  
  

Greystar JV Illmarinen

Company: Greystar
Investor type: Equity Fund
Country of origin: US

Company: Illmarinen
Investor type: Pension Fund
Country of origin: Finland

Estimated construction value (Past 5 years): $1 billion
Number of build-to-rent projects (Past 5 years): 3

• The Claremont | Melbourne
• The Yarra | Melbourne
• The Gladstone | Melbourne
  
  

Qualitas JV Tim Gurner

Company: Qualitas
Investor type: Investment Manager
Country of origin: Australia

Company: Tim Gurner
Investor type: High Net Worth Individual
Country of origin: Australia

Estimated construction value (Past 5 years): $900 million
Number of build-to-rent projects (Past 5 years): 3

• Palladian BtR | Melbourne
• Madison Grand | Melbourne
• Beach House | Melbourne
  
  

Make Ventures JV AustralianSuper

Company: Make Ventures
Investor type: Private Developer
Country of origin: Australia

Company: AustralianSuper
Investor type: Pension Fund
Country of origin: Australia

Estimated construction value (Past 5 years): $844 million
Number of build-to-rent projects (Past 5 years): 4

• 11-19 Whitehall Street BtR | Melbourne
• 342-370 Victoria Street BtR | Melbourne
• Assemble TSK | Melbourne
• 4 Ballarat Street | Melbourne
  
  

* This list was compiled using MSCI Real Capital Analytics data