How Box Hill is becoming Melbourne’s smartest suburb for renters

Melbourne’s vibrant Box Hill is improving the rental experience – and tenants are all for it.

Renting nowadays means more than just having a roof over your head.

It’s about enjoying where you live, with full access to built-in spaces designed for work, study or entertainment, and thriving suburbs with direct access to transport right on your doorstep.

Thanks to the build-to-rent (BTR) movement, new addresses are popping up all over the city that are raising the bar and promising benefits far beyond the norm of a traditional lease.

What is build-to-rent and why is it booming in Melbourne?

More and more tenants are becoming aware of the real reasons why BTR is changing housing rentals.

In a nutshell, build-to-rent developments are brand new apartment complexes that are designed purely for rental and not for sale.

They typically offer lifestyle-rich features, flexible lease terms from six months to five years, and special on-site maintenance – all wrapped into one convenient package.

“Residents recognize the lifestyle value of professionally managed rental properties,” said Megan Hondromatidis, General Manager of Marketing and Communications at Local: Residential.

“It is becoming increasingly popular as it provides a convenient and hassle-free solution for people who value secure tenancies, entertainment areas, gyms and other amenities included in their rent.

So people don’t have to think about the extra costs of a gym membership or a swimming pool pass. It has already been taken into account.”

She adds that the process is also simpler.

“Most people agree that there are better ways to spend a Saturday than standing in line with 200 other hopefuls for an apartment that only one person gets,” she says.

“Bee Local: Box Hill we have an in-house leasing team that provides one-on-one experience from inspection to move-in. This approach makes the process consistent and fast and puts control back in the hands of the renter, where they can explore a few options that suit them and have the ultimate choice over their perfect next home.

Build-to-rent locations such as Local: Box Hill feature high-quality amenities that are all included, meaning additional costs such as gym membership or pool access are bundled into your rental.

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How to get more value from your rental in 2025

While BTR is currently on the rise in Melbourne, Hondromatidis says the secret to finding the right spot is identifying the value-add, which can look different depending on one’s lifestyle and location preferences.

All homes at Local: Box Hill include access to co-working spaces, an indoor pool, steam room, sauna, cinema room, mahjong and games rooms, private dining rooms and family-friendly outdoor terraces – along with pet washing facilities and the much-loved Bark Park with city views.

“The wellness area features an indoor swimming pool, a fully equipped gym, a steam bath and a sauna.

It is completely pet-friendly and the outdoor pet area offers fantastic views of the city,” says Hondromatidis.

Inside, the apartments range from one to three-bedroom options, with all appliances supplied from the start – including washing machines, dryers, dishwashers, split-system heating and cooling and refrigerators.

Flexible lease security is another draw.

“Some people may know that there will be a change in 12 to 18 months, or they may want to lock in for three or four years with full insight into their annual increases, and they can do that with the flexible lease terms,” she says.

“There is no unexpected inspection or sale of the property for tenants to worry about.”

Tenants can also avoid paying double rent by choosing a move-in date that suits them, supported by private tours and an in-house rental team.

To ease financial pressure, Local will apply a flat $1,000 fee to all apartments – while gaining access to bundled conveniences managed through the Resident app, from package fulfillment to cleaning services.

Flexible rental terms and included appliances are just some of the reasons why renting from Local: Box Hill is beneficial.

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Renting versus buying in 2025

While many Australians still aspire to own property, longer rental periods are becoming increasingly common.

For some, renting may make more financial sense.

“Renting is often much cheaper from week to week than owning in the big cities when you take into account mortgage repayments, strata, maintenance, insurance and rates,” explains wealth guide and chartered accountant Salena Kulkarni.

“This financial flexibility allows tenants to invest excess cash, reaping the benefits of early investment.

Every dollar you invest in your 20s will be worth four to five times more in retirement than the dollars you invest in your 40s.”

Renting also allows individuals to put their money into growth assets such as stocks, ETFs, high-yield bonds and real estate syndicates, provided the excess income is invested wisely.

It can even be a stepping stone into the real estate market.

Kulkarni notes that renters can often qualify for investment loans, allowing them to live where they want while purchasing cheaper real estate elsewhere.

Long-term renting can be more financially viable than a mortgage, especially in desirable inner-city locations.

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Why Box Hill’s rental value is rising rapidly

For those not yet ready to buy but looking for an elevated rental experience, Box Hill offers rare appeal thanks to its vibrant atmosphere, diverse dining scene and excellent transport links.

Its popularity is increasing enormously.

Census data shows the population has grown from 16,480 in 2006 to over 23,600 in 2019 – driven by a wave of new apartments, hotels, high-rise offices and BTR projects.

Even with this increase in supply, demand remains strong.

“There was a lot of early interest in Local: Box Hill, and we expect things to change quickly as the opening of the building will launch it during peak rental season,” says Hondromatidis.

“Many people want to move between November and February, and that is when the rental market experiences a lot of movement.”

For renters, it’s a low-risk, high-reward opportunity.

With first-class amenities, secured tenancies and no ownership pressures, Box Hill’s BTR offers make it easy to live well without compromise.