The build-to-rent (BTR) model is gaining popularity among tenants looking for an alternative to traditional rentals but who are either not ready or not interested in purchasing a home.
For generations, homeownership has been touted as the ultimate Australian dream.
However, as Melbourne’s property market becomes increasingly challenging to break into, a growing number of residents are rethinking the need to climb the property ladder.
Joe Welch and his partner Sylvia Kusnierz, along with Eric Hsieh and his partner Stefan Walter, are residents of the build-to-rent development Home Richmond and have no regrets about leaving the traditional rental market and veering away from buying.
Modern developments like Home make the rental lifestyle appealing by adopting a ‘tenant first’ approach, with resort-style amenities, maintenance-free living, and vibrant communities.
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Home Docklands: The outdoor BBQ terrace overlooks Marvel Stadium.
“Renting here feels like living in a luxury hotel, with all the benefits of a supportive community.
“For us, it’s not just a home – it’s the best decision we could have made,” said Ms Kusnierz.
1. Affordability
For those without access to the bank of mum and dad, entering the property market is becoming increasingly difficult.
With house prices consistently rising, hefty stamp duty fees, and ongoing maintenance costs, owning a home often feels out of reach for many Australians.
Additionally, mortgages are becoming more expensive with rising interest rates, even once you’ve secured a loan.
There’s no guarantee of rapid increases in capital value, which can be a concern for those looking to build wealth over the medium to long term.
Renting provides a financially viable alternative, allowing individuals to sidestep these burdens while still enjoying desirable locations and quality living.
Mr Welch and Ms Kusnierz, recent immigrants from the UK and soon to be married, found renting to be the perfect solution.
“We wanted to live somewhere central to experience Melbourne’s events and culture, but buying in those areas would be prohibitively expensive,” said Mr Welch.
“With a wedding to plan, saving for a deposit just isn’t feasible right now.
“Renting provides flexibility and peace of mind,” added Ms Kusnierz.
While build-to-rent sceptics will say that these properties are more expensive than other traditional rentals, with the abundant amenities available to residents, tenants can actually save on costs they would usually spend outside of the home.
Home Docklands: Indoor pool.
“It’s actually worth it because if you consider the amenities like the gym, swimming pool, and the reception area, then it’s literally above cost,” said Mr Hsieh.
Additionally, for those who find the property market out of reach, the comparatively lower cost of renting offers the flexibility to explore alternative wealth-building paths, such as investing in the stock market.
2. Flexibility
For many, the lifestyle freedom renting offers is a key advantage.
Unlike homeownership, renting allows you to remain unanchored to a single location, making it easier to adapt to life’s changes.
Mr Hsieh, who moved to Melbourne from Brisbane, said that being able to choose the length of tenancy was also a welcome feature of the build-to-rent scheme, as opposed to traditional rentals he had experienced, which didn’t have a tenancy agreement for longer than 12-month periods.
“You never have an owner coming to tell you they’re selling the property.
“It gives a real sense of stability, knowing you’re in control of your lease,” he explained.
Ms Kusnierz agreed that the lease flexibility and the choice of apartments were a huge drawcard for Home.
“I think the freedom aspect of renting is a really important one.
“I also think having a building like Home, full of rental properties, also eliminates some of the competitiveness we’re seeing with other rental properties, with queues of 50 plus to view one apartment.
“It’s nice to have the flexibility of choosing how long you want to stay somewhere, without the headaches that can come with buying and selling,” she said.
3. Convenience
Homeownership often comes with the added stress of maintenance and renovations, especially as housing stock ages and retrofitting costs rise.
Renting, particularly in developments like Home, eliminates these headaches, offering a more seamless lifestyle with a concierge and handymen on call.
“If something breaks, we just let the staff know, and it’s fixed within days at no cost.
“That level of service makes life so much easier,” said Ms Kusnierz.
“We also get notified when meal kits arrive, ensuring our food isn’t left out for too long – it’s those thoughtful details that make renting here feel luxurious,” she added.
From communal entertaining zones to wfh spaces, Home makes renters’ lives easier.
4. Lifestyle benefits
Modern build-to-rent developments like Home provide more than just a place to live – they offer an elevated lifestyle.
From state-of-the-art gyms and pools to co-working spaces and wellness facilities, these communities are designed to enhance daily life.
They’re also located within popular inner-city locations to ensure residents have a simple commute if they work within the CBD or need a base to explore from.
“The amenities are incredible. We’ve made so many friends through the community events, like wreath-making workshops and building-wide soirees.
“It’s more than a home – it’s a thriving community,” said Ms Kusnierz.
Ms Kusnierz also highlighted the pet-friendly features, which have been particularly beneficial for their Springer Spaniel, Maya.
Tenants with pets can often find it harder to secure a rental, which makes build-to-rent even more alluring.
“The astroturf podium and doggy wash are fantastic.
“Plus, we’ve built a network of pet-owning neighbours who help each other out.
“It’s a supportive and inclusive environment,” she explained.
Home Richmond: Community event.
Challenging the traditional Australian dream
For decades, homeownership has been a cornerstone of the Australian dream—a marker of success and security.
However, in light of the cost-of-living crisis and record increases in property values, many Australians are starting to reconsider this potentially outdated and unfair concept.
The widening gaps between those with inherited wealth and those without, along with higher interest rates and slow wage growth, contribute to this shift in perspective.
For Melburnians like Mr Welch, Ms Kusnierz, and Mr Hsieh, renting has emerged as an equally valid and attractive choice.
“Renting in high-quality developments like Home redefines the idea of ‘home’,” Mr Hsieh explained.
“It’s about enjoying a flexible and enriching lifestyle, rather than being tied to a long-term mortgage.”
Mr Welch also questioned the traditional narrative.
“Owning a home isn’t the only path to success.
“Renting gives us the freedom to focus on experiences and relationships instead of being bogged down by financial commitments.”
