Renter Relief: Build-to-Rent Developments Take Centre Stage on Gold Coast

The number of build-to-rent developments on the Gold Coast has surged in recent months, with at least five new projects announced since the start of the year, offering over 1,000 new rental properties in areas such as Broadbeach and Burleigh Heads.

This trend matters now because the Queensland median house price has reached a record high of around $850,000, putting home ownership out of reach for many, and with rental yields under pressure, tenants are facing a perfect storm of limited supply and rising prices, making the search for affordable and secure rentals a major challenge, particularly for downsizers and first-time renters looking for properties in popular areas like Main Beach and Surfers Paradise.

Local Developments and Initiatives

In the Gold Coast, specific developments such as the recently completed $120 million building on Surfers Paradise Boulevard, which offers 219 apartments for rent, are changing the game for renters, with prices starting from $450 per week for a one-bedroom unit, while other areas like Varsity Lakes and Robina are also seeing a rise in build-to-rent projects, with organisations like the City of Gold Coast and the Queensland Government's Department of Housing and Public Works working to incentivise the development of more affordable and secure rentals through programs such as the Queensland Housing Strategy 2017-2027.

According to data from the Real Estate Institute of Queensland, the current rental vacancy rate on the Gold Coast is around 1.5%, with the average rent for a three-bedroom house in areas like Burleigh Heads and Mermaid Beach reaching $700 per week, and with over 30,000 new residents expected to move to the Gold Coast in the next five years, the demand for rentals is set to increase, making build-to-rent developments an increasingly important part of the local housing landscape, with some developments, such as the one on Nerang Street in Southport, offering additional amenities like rooftop pools and gyms to attract tenants.

As the build-to-rent sector continues to grow, renters can expect to see more variety and choice in the market, with some developments offering longer-term leases and more flexible rental arrangements, and with prices starting to come down in some areas, now may be a good time for renters to explore their options and find a secure and affordable place to call home, whether it's in a high-rise development on the beach or a smaller complex in a suburban area like Miami or Mudgeeraba.