The Built to Rent (BTR) sector presents a significant opportunity for new build residential developments to adopt sustainability and energy efficiency initiatives. As discussed in the 8th part of a series by K&L Gates LLP, this sector could play a crucial role in leading decarbonisation efforts in the built environment, especially within the Australian market.
The BTR market concept, which revolves around purpose-built properties for rental rather than for-sale, could help drive the integration of sustainable solutions in the mainstream housing sector. By controlling the entire lifecycle of a building from design to ongoing management, BTR developers have the unique position to probe and establish sustainability from its core.
Embracing energy efficiency initiatives not only serves the purpose of reducing carbon emissions but also offers potential cost savings in the long run. This is of great importance to both developers and residents who enjoy lower energy bills as a result.
While Australia’s BTR sector is still emerging, being in the early stages provides an ideal opportunity to engrain the principles of sustainable and energy-efficient design at its infancy. This could have a profound impact on reducing carbon emissions locally and contribute to the global effort of combating climate change.
Given the global trend towards more stringent regulations on carbon emissions in the real estate sector, adopting such strategies could set a benchmark. This is a scenario where doing good, both for the planet and for the residents’ pockets, offers potential market benefits.
The upcoming parts of this series promise to further delve into specifics of how BTR can drive sustainability and energy efficiency in the built environment. Legal professionals and stakeholders in this sector would be wise to stay tuned, for the transformative potential of BTR in creating a more sustainable future appears to be just on the brink.