The Rich Lister has been amassing a build-to-rent portfolio for decades, but with the market - and competition - growing, he wants his units to stand out.
“Meriton has been in the build-to-rent space for more than two decades, something that has not been widely recognised,” Mr Triguboff told“Nobody knows about it. They know about me selling units. But we have always been leasing.”
The 659 build-to-rent units under construction are fewer than the 2073 build-to-sell units also under construction, and also fewer than the 1010 Meriton Suites that the sixth-richest Australian is also building – to boost his existing 5000-strong portfolio of hotel rooms.
Still, with the rental market strengthening and average rents across the portfolio rising from the pandemic low of about $600 per week to between $650 - $700 currently – and a 1.2 per cent vacancy rate across the portfolio –the company has no plans to sell down its rental stock, sales director James Sialepsis said.
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