A new build to rent project is set to inject 291 new apartments into Sydney’s strained rental market.

It is rental stock that is vitally needed given Sydney’s vacancy rate hit 1.46 per cent in May, according to PropTrack, indicating a dire shortage of available homes.

Apt. Residential’s new $280m Meadowbank project has been pre-approved and will comprise a mix of studio, one-, two- and three-bedroom apartments over four low-rise buildings.

A popular suburb with young professionals, students and young families, the vacancy rate of Meadowbank has been at a six-year low of just 2 per cent, according to Apt. Residential.

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The new project by Apt. Residential will be located in Meadowbank.

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Meadowbank is the first project from Apt.Residential who announced its $1.5b plan to invest in Australia’s build-to-rent sector alongside Dutch pension fund investor PGGM.

With a mix of furnished and unfurnished units, ‘apt. Meadowbank’ will have easy access to public transport including train, bus and a ferry stops all within walking distance.

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Apt. Residential managing director Mr Carolan said the project will make a valuable contribution to the much needed rental apartment supply.

The project will include a retail section underneath the apartments.

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“The current rental housing affordability crisis is expected to increase in the short- to medium- term, as many renters continue to struggle to access quality rental housing,” Mr Carolan said.

“This project is our first step in a long-term vision to add necessary rental supply to the market, tailored to the needs of renters.”

Within proximity to the ferry, train station and bus stops.

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Focused on creating built-to-rent projects in employment and education hubs, Mr Carlan said it will provide turnkey solutions for those with “transient housing needs”.

There will be a 4000 sqm retail precinct, access to shared electric vehicles, co-working

areas, resident lounge, activated rooftops, and other amenities.

Artist impression of the new apt. Meadowbank apartments due to be completed at the end of 2026.

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Demolition has started on the land and is due for completion in Q4 2026.

Meadowbank is located 15km north west of Sydney’s CBD in local government area of the City of Ryde.

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