Capital Markets Investment Review 2024

BTR is continuing to attract significant attention from international and domestic investors with several changes to federal and state policies further reinforcing strong market fundamentals.

The strong rental growth outlook is underpinned by historic-low vacancy, shifting residential preferences and elevated population growth combined with headwinds to new housing supply.

A peak of new BTR supply will occur in 2024 with several platforms opening their first asset. For the first time, all major capital city markets will each accommodate multiple major new assets in 2024.

A record level of BTR transactions occurred in 2023 ($2.47 billion). The spate of structured deals, including several fund-through sales, indicates a structural shift in the investment strategies of both incumbent and new entrant capital chasing BTR exposure.