The City of Sydney has proposed a number of amendments to the Sydney Local Environment Plan that would encourage developers to create more build-to-rent and co-living housing types in central Sydney.
Developers would be given 20 to 75 percent more floor space for build-to-rent developments, and 20 percent more floor space for co-living accommodation.
"The city is constantly changing and growing. Our planning system must respond to these changing needs and effectively deliver the space needed for jobs and housing," said Sydney lord mayor Clover Moore. "We've seen build-to-rent work well overseas to help address the housing crisis, with these types of developments providing stable and secure accommodation for renters. "As well as increasing rental stock in central Sydney, this type of accommodation has high occupancy rates. That's great for inner-city vibrancy and avoids situations where international investors leave newly built flats empty. "Build-to-rent housing does not sit idle with lights out, as some high-end investor apartments do, and these developments will help revitalise and boost the local economy."
The amendment for co-living accommodation is intended to stimulate an increase in student and low-income worker accommodation close to major tertiary education institutions.
"Students are one of the groups hit hardest by the rental crisis in Sydney, with the lack of appropriate accommodation and affordability both major issues," Moore continued. "By offering these floor space incentives, we hope landowners and developers will create more co-living accommodation in areas like Haymarket, which has proved popular with students."
The draft changes are on exhibition for public comment until 14 May.
