US property giant Sentinel is ramping up its rollout of build-to-rent housing projects in Australia as demand for rental housing surges.
While the supply-demand equation is tilting in the favour of Sentinel and its peers, so is the investment case, generating rental housing returns that are competitive with those from other forms of property.Rental growth is in the double-digits range and Sentinel’s internal rates of return are in the low to mid-teens, according to Mr Streicker. It achieved a yield on cost for the Perth project of 5.25 per cent. A similar outcome is expected from the West Melbourne project.
As tenants embrace the BTR model, lenders have also shifted in their understanding while Sentinel has been in Australia. The US player struck one of the first finance agreements with a local bank into the sector 18 months ago. With tailwinds blowing for the sector, one impediment to growth is a labour shortage, Mr Streicker said.
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