The build-to-rent (BtR) market in Australia is growing, and looks set to be the new golden child of the property development sector. Built-to-rent properties are developed for the rental market in perpetuity, held in single ownership, and managed by the developer or a specialist operator.
They include apartments, communal amenities and resident services and are designed with the tenant experience in mind.
The pipeline of projects delivered in 2023 will reach 9250 units—over three times the 2800 institutional-grade BtR apartments delivered in 2021.
This reflects an increase in rental demand and the low supply in the ‘build-to-sell’ sector.
As reopened state and national borders ignite further population growth, experts [carried out by Savills1 and CBRE2] forecast that 2024 will deliver the biggest growth yet of BtR, with 10,500-plus apartments expected to be delivered.
For renters, the appeal is easy to see; hotel-like concierge services offer busy professionals a hassle-free home, and the social events and high-quality shared spaces create a community experience, not just a place to live.
The key to profitability in BtR is being able to scale, to manage running costs and to retain tenants by providing a great living experience.
The enabler for all three of these goals is technology.
A key technology at the heart of BtR is an electronic access control system (EACS) such as the cloud system installed by Arklife.
They selected SALTO KS for their first development, the 89-apartment Robertson Lane building at Fortitude Valley in Brisbane, and for their latest project—265 units at Cordelia Street in South Brisbane, which they plan to open in 2024.
With the SALTO KS app, residents can use their mobile phone as a ‘digital key’ for access to the building, their apartment and shared facilities, or to send a mobile key to their guests remotely.
At Cordelia Street, those facilities will include:
Carpark
Lobby and lifts
Garden and barbecue areas
Resident lounge
Gym
Parcel-delivery room
Wine room
Work-from-home room
Roof terrace with a pool, games room, private dining room and kitchen.
The SALTO cloud EACS also offers the flexibility to integrate with Arklife’s property management system, Yardi, to let residents book shared facilities, pay rent, request maintenance, or respond to their intercom to guests or for deliveries.
It is all aimed at making life easier for residents and maximising the length of tenancies.
For Arklife, SALTO helps to streamline operations, manage costs and scale efficiently, by providing:
Flexibility—the same system used on all access points throughout multiple buildings
Fully online, real-time access control and monitoring
Scalability—easily add doors or buildings
No software installation—cloud-native solution
Backups automated in the cloud
Data compliance managed in the cloud
Integration with CCTV, with property management systems (PMS) and-or security systems
Tenant transfers with no loss of access rights
Commercial tenant management—access control for retail pods within a development
Design aesthetic—a range of finishes for locks for a consistent design ethos
Time control—shared facilities are available only at the time the resident has booked
BtR is a growing success story within the residential property market, and cloud EAC technology is at its heart, enabling operators to offer the best resident experience with streamlined operations for maximum profitability.
Contact Cédric Duigou to find out how we can help enhance resident experience and streamline operations for your BtR development.
(1) Savills – Operational Capital Markets Q1 2022 ‘Australia build-to-rent Market Update’
(2) CBRE – Australian Supply and Development February 2021 ‘Build-to-Rent Development Pipeline’
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