This week we returned to a topic we raised in the last podcast, namely build-to-rent and specifically the new Liv Indigo building at Sydney Olympic Park.They held an open day last weekend and we went down to have a look and chat to … well, anyone who was interested in talking to us.You can hear the results of that in the podcast (or read the transcript at the end) but this build-to-rent block does seem to be a game-changer, although it’s not for everyone.[Powerpress]Why not? Well, it’s between 10 to 30 percent more expensive to rent there, for a start, although a lot of that can be offset by having no power bills, having whitegoods provided as well as saving on gym memberships and suchlike.But the most important thing is that tenants are the main game, not an afterthought. It still amazes and bothers me that tenants are treated as second-class citizens in some strata schemes, considering they make up more than 50 per cent of apartment residents, across the board.So, however the sums add up, being treated with consideration and respect would be worth spending a few dollars more.Complaints And it removes a couple of obstacles to a happy life that exist in strata. There is no rental agent to go through when there is a problem. Too many rental agents in Australia see their job as being to protect the landlord from being bothered by their tenants.So legitimate complaints go unanswered – often because the landlord isn’t even aware of them – while tenants constantly teeter on the edge of the dreaded six-monthly lease renewal and rent rise.Yes, I know there are bad tenants out there. But one bad tenant makes life difficult for one property owner. One bad rental agent can make life miserable for dozens of renters. And, trust me, there is more than one bad rental agent.And then there’s the strata committees, or lack of them. In build-to-rent, the developer, or a single investment entity, owns the block so it’s not strata and it doesn’t come under strata law.For anyone, owner or renter, who has felt excluded from the decision-making process in their building, there wouldn’t be much difference in moving into a renters-only environment.If your strata committee is a closed shop, and actively discourages communication in either direction – as many do – then you wouldn’t notice living in a building where there is no committee.EngageActually, that’s not fair, because the management team at Liv Indigo – if their sales pitch is to be believed – actively engage with residents, partly so that problems can be dealt with promptly, before they become “issues”.We can only go by what we saw with our own eyes and, unless Mirvac had hired actors, people seemed to be comfortable and happy. The plusses for many renters at Liv Indigo are pretty obvious beyond the bells and whistles of gyms and mini-cinemas.Pets are allowed, you can decorate the apartments to suit your tastes, leases are for 12 months, there’s a maintenance team on-site, faulty appliances are replaced immediately and short-term lets are strictly forbidden.Meanwhile, there is no bond required and you only pay for the parking and storage that you use, which you can vary according to your needs at any given time. For the
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Recorded by Jimmy Thomson & Sue Williams; Transcribed by Otter.ai.
Find out more about Sue Williams and Jimmy Thomson on their websites.
