Melbourne build-to-rent boom features luxury apartments

Melbourne is experiencing a surge in build-to-rent developments, characterized by luxury apartment complexes designed for lifestyle-conscious renters. One such project, Beach House in St Kilda, was developed by the Gurner Group for $300 million and features 297 units.

These high-end developments offer extensive amenities, including heated pools, cinemas, private bars, and wellness centers, marketed as a way to “live like a millionaire, mortgage free”. While these complexes provide premium living experiences, they command significantly higher prices than the local market; for example, rents in these developments can be nearly double the median price for similar units in the area.

Despite the boom in these opulent rental options, the trend is noted as offering no solution to the broader housing crisis.