New research by Oxford Economics Australia reveals a growing trend in build-to-rent (BTR) developments where residents enjoy pet care facilities, gyms, and coworking spaces, but car parks are becoming increasingly scarce. This shift is helping to reduce construction costs and improve feasibility.

Key points:

• The average car space-to-unit ratio in BTR projects is below 0.5, with some developments, like Aqualand’s 146 Arthur Street in North Sydney, having just 0.17 car parks per unit.
• Developers are opting for fewer car parks to save on costs, with excavation for parking spaces estimated to add up to $100,000 per apartment.
• Amenities are being prioritised, with 20% of BTR buildings offering dog parks and other pet-friendly facilities.
• The BTR model is evolving with larger developments offering a mix of unit types, including more mid-market options in suburban areas.

This model aligns with global trends, as seen in the UK and US, where a greater focus on location and public transport links is shaping demand for such projects.

^{This summary is based on an article by Michael Bleby, published in The Financial Review, titled 'Why you can have a pet – but no car – in build to rent'.}