JULY 2023 | AS FEATURED ON 9NEWS
There are homes no individual will ever own being developed across Sydney, which could be one fix to the city's housing crisis.
The housing model called build to rent involves large scale, single ownership and professionally managed properties being constructed specifically for medium to long-term renters instead of buyers.
There are about 19 projects in development across the city including seven in Parramatta, five in Ryde and two in Canterbury-Bankstown.
Coronation Property is building an 880-apartment block in Merrylands, with some to be sold but 450 will be rented out by the developer, making it the biggest build to rent apartment block in Sydney.
"It's about convenience and being able to move straight in," Aras Labutis said.
Planning Minister Paul Scully said getting more supply into the market would put downward pressure on prices.
"The stability comes out of the one ownership model, you've got one owner of the building who's actively managing the property," Scully said.
"Is it the whole solution? No. Is it part of the solution? Absolutely."
The model accounts for 12 per cent of housing in the United States and is proving to be successful in the United Kingdom.
To be eligible for tax concessions in NSW, a development must have at least 50 dwellings dedicated to built to rent.