The Victorian Civil and Administrative Tribunal has ruled in favour of an 18-storey build-to-rent tower in Melbourne's inner south, saying it was “an important step to providing an alternative to home ownership”.

Build-to-rent provider Home went to the tribunal (VCAT) after Port Phillip City Council failed to grant a planning permit within the allowed time.

GFM Investment Management Limited, markets itself as Home, sought 571 one, two and three-bedroom apartments on a 6974sq m site at 6-9 Queens Road, Albert Park.