With available rentals in Melbourne hard to come across, a property development group has decided to take on the build-to-rent sector.
Illan Samuel of Samuel Property noticed the high demand for rentals in Victoria’s capital city, with vacancy rates around 2 per cent. So he decided to invest in apartments available for short and long-term leases.
“The build-to-rent sector in Melbourne is behind the rest of the world,” Mr Samuel said. “After travelling internationally... and experiencing the ease of securing high-end, short-term rentals, we saw an opportunity to fill a gap.”
The AXEL apartment complex will be constructed on a 450 square metre site on Burke Road, Glen Iris. It will feature several one, two and three-bedroom units, with the flexibility of having a lease from one night through to two years...