The WA Government is calling for registrations of interest from developers looking to establish Build to Rent projects in the state, as part of its $75 million commitment to boost supply of rental homes.
Keystart is delivering the $75 million Build to Rent Kickstart Fund, which will accelerate private sector investment into Build to Rent developments by helping proponents to overcome initial feasibility challenges.
“Our government is doing everything it can to accelerate housing and rental supply, including offering support to the emerging Build to Rent sector,” said Housing and Works Minister, John Carey.
“We are partnering with the private sector through this fund, and helping more apartment projects get off the ground.
“This is part of our record $5.8 billion investment in housing and homelessness measures since 2021 and is one of a range of new measures we are funding through Keystart.”
The Government says the early registrations process will help Keystart to gauge interest and ensure the fund is fit for purpose, ahead of formal applications opening later this year.
Build to Rent projects are typically large-scale private developments that provide secure, long-term rental housing options for tenants.
While better established in the eastern states, Build to Rent is an emerging asset class in WA, presenting a significant opportunity to bring more rental homes to the market, including affordable rentals.
The Build to Rent Kickstart Fund will provide no-interest construction loans and low-interest loans for up to 10 years on eligible Build to Rent projects, and complements the WA Government’s 50 per cent land tax exemption for Build to Rent developments.
“We need more rentals on the market, and the Build to Rent model can provide a significant boost of secure, long-term rental homes for tenants,” said Treasurer, Rita Saffioti.
“Our Build to Rent Kickstart Fund will help to make Build to Rent developments in WA more attractive for proponents, so we can get projects off the ground sooner.
“The WA Government is throwing everything at helping more Western Australians into a home – boosting housing supply, freeing up land, cutting red tape, reducing stamp duty and growing the construction workforce.”
The fund is one of a suite of new initiatives being delivered by the WA Government through Keystart to drive housing supply and help Western Australians into an affordable home, including a $210 million shared equity expansion for new apartments and townhouses, and new low-deposit home loans for graduates and apprentices, and for people purchasing modular homes.
For more information on the Build to Rent Kickstart Fund, visit:Â https://www.keystart.com.au/about-us/industry/build-to-rent/.
