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Affordable rental dwellings get a boost

NRAS Apartments for students at the University of Western Australia
​NRAS Apartments for students at the University of Western Australia

The National Rental Affordability Scheme (NRAS) is an Australian Government initiative which, through partnership with the states and territories, aims to significantly increase the supply of new affordable rental dwellings across Australia.
 
NRAS provides an annual incentive per dwelling (for up to 10 years) to investors who construct new rental accommodation and lease it to low to middle income households at a rate at least 20 per cent below market rents for the area. The current incentive is $10,350. The State component is $2,587 which is paid in cash and the Commonwealth component is paid as either a tax offset or a direct payment.
 
In May 2013, Cabinet approved funding for an additional 1,000 incentives, bringing the total State commitment under NRAS to 7,000 incentives.
 
The homes will be built by private developers and community housing organisations and are aimed at increasing the supply of affordable rental accommodation in the market.
 
Over 1,600 NRAS homes have already been constructed within Western Australia. With two student accommodation projects alone set to deliver over 1,000 apartments.
 
Manager Housing Policy, Market Innovation and Partnerships, Jacqui Herring said that students and low-to-moderate income earners often experience housing stress due to limited finances.
 
"Providing them with affordable housing in areas where rents are out of reach, significantly reduces their cost of living.”
 
Information outlining where current NRAS accommodation is available within Western Australia is available online along with contact details for the tenancy managers.

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