Scape Australia principals Stephen Gaitanos and Craig Carracher have formed a A$1.5 billion (US$997 million) rent-to-live joint venture in Australia with Dutch investors APG Asset Management and Bouwinvest.

The new joint venture will focus on developing a multifamily portfolio of new urban, transport-oriented, energy-efficient rent-to-live assets focused on Australian capital cities, providing more affordable options for renters in Australia. The initial focus will be on Sydney, Melbourne and Brisbane.

The shortage of rental accommodation in Australia has resulted in consistently low vacancy levels (currently less than 1 percent), which makes build-to-rent an attractive growth opportunities in Asia Pacific. The rent-to-live joint venture will create more affordable options for renters in Australia (as a proportion of income), giving them the opportunity to live in neighbourhoods they want to live in at rents they can afford in locations of convenience and amenity. The