Australia’s PBSA sector blends the stability of a mature demand base with the growth potential of an undersupplied market. With record-high occupancy rates, robust double-digit rental growth, and increasing global capital inflows, PBSA stands out as a resilient, high-yielding asset class for institutional investors seeking long-term performance and diversification.

Australia’s BTR market is gaining momentum, driven by supportive policy shifts and strong underlying demand. As the Living sector becomes the most sought-after real estate category in the Asia-Pacific region, BTR is emerging as a scalable, yield-generating platform.

Australia’s over-65 population is projected to double by 2063, and the Retirement Living sector is facing surging demand. Yet, current supply addresses less than 20% of that need, even as national occupancy hovers at 96%. With bipartisan political support and a clear demographic imperative, now is the time to invest.

Australia’s Co‑living sector is positioned as a growing but still emerging alternative living format, appealing particularly in cities facing acute housing affordability pressures. The sector is gaining traction, with rising investor interest and a pipeline that includes both new developments and adaptive reuse opportunities. As affordability challenges deepen co‑living is increasingly viewed as a structurally relevant solution that can scale alongside broader rental housing demand.

The PBSA sector in Hong Kong is benefitting from rising demand driven by increased enrolment caps for international and mainland students, as well as the development of University Town. Government policies are earmarking land for student housing and launching schemes to convert commercial buildings into hostels, expanding the range of accommodation options available to students and supporting Hong Kong’s position as a leading education hub.

Hong Kong’s Build to Rent sector is gaining momentum thanks to supportive government policies that aim to unlock new housing supply and attract global talent. Initiatives such as the Northern Metropolis project and regulatory reforms are streamlining development, reducing costs, and encouraging institutional investment in rental housing. These changes are making BTR an increasingly viable and attractive option for residents seeking flexible, professionally managed living arrangements.

PBSA across APAC is underpinned by strong international student growth, with governments actively easing visa rules and expanding university enrolments. Despite this, PBSA supply remains limited in most markets, creating a sustained mismatch between demand and quality student housing. As countries sharpen their focus on global education competitiveness, PBSA is emerging as a high‑growth institutional opportunity that supports both student experience and broader rental market resilience.

BTR is gaining momentum across APAC as governments look to boost rental supply, attract global talent, and support more flexible living solutions. Policy reforms including tax incentives, clearer planning pathways, and long‑term rental frameworks are steadily lowering barriers for institutional capital. With growing acceptance of renting, shrinking household sizes, and ongoing affordability challenges, BTR is becoming a core component of the region’s residential investment landscape.

APAC’s rapidly ageing populations are driving urgent demand for modern, service‑led Retirement Living solutions. While institutional participation is still nascent, several markets are introducing supportive planning measures, incentives, and workforce initiatives to encourage sector growth. As governments grapple with long‑term demographic pressures, Retirement Living presents a significant opportunity to deliver high‑quality, future‑ready housing that bridges the gap between traditional homes and care environments.

Recent policy changes in South Korea have grouped PBSA and co-living under the new ‘rental dormitories’ category, streamlining regulations and enabling private development. A focus on increasing overseas student numbers, has created strong demand for student housing. While PBSA provision remains limited, regulatory reforms and incentives are paving the way for growth.

South Korea’s Build to Rent sector is experiencing a transformation, driven by recent government initiatives that have reduced regulatory barriers and introduced incentives for long-term private rental housing. The New Rental Housing Supply Plan for Housing Stability, alongside urban renewal and REIT reforms, is fostering a more structured environment for institutional BTR participation.

The Retirement Living sector is benefiting from a wave of supportive policy changes, reflecting the country’s status as a ‘super-aged’ society. New incentives, regulatory amendments, and REIT reforms are making it easier for developers and operators to participate, while the government works to consolidate rules and planning treatments for senior residences, addressing the growing demand for quality retirement housing.

최근 한국에서는 PBSA와 코리빙이 새로운 ‘임대형 기숙사’ 범주로 통합되면서 규제가 간소화되고 민간 개발이 가능해졌습니다. 또한, 해외 유학생 수 확대에 힘입어 학생 주거 수요가 크게 늘고 있는 가운데, PBSA 공급은 여전히 제한적이지만 규제 개혁과 다양한 인센티브가 향후 성장을 뒷받침하고 있습니다.

최근 정부의 각종 제도 개선과 규제 완화에 따라, 국내 빌트 투 렌트(BTR) 시장이 본격적인 변화 국면에 접어들고 있습니다. 장기 민간임대주택 활성화를 위한 인센티브 도입과 함께, 주거 안정을 위한 임대주택 공급 확대 방안, 도시정비사업 및 리츠(REITs) 제도 개선이 추진되면서, 기관투자자 중심의 BTR 사업이 제도적으로 안착할 수 있는 기반이 마련되고 있습니다.

리타이어먼트 리빙(Retirement Living) 부문은 초고령사회 진입에 따른 정책적 지원 확대의 수혜를 받고 있습니다. 각종 인센티브 도입, 관련 규제 완화 및 리츠(REITs) 제도 개선을 통해 개발사 및 운영사의 시장 참여 여건이 점진적으로 개선되고 있으며, 정부는 시니어 주거시설에 대한 제도 및 인허가 기준을 일원화함으로써 양질의 리타이어먼트 리빙 수요 증가에 대응하고 있습니다.

Japan’s PBSA sector is shaped by strong demand-side policy support. While supply-side changes are limited, the majority of students currently live in private rental accommodation, making policy support for international student growth highly relevant for the multifamily sector. Opportunities exist for the government to further recognize the role of high-quality PBSA in attracting students and alleviating pressure on the wider rental market.

Japan’s multifamily rental market is seeing moderately supportive policy movement, with significant demand-side measures aimed at attracting overseas talent and international students. Government initiatives are underpinning rental demand and creating new supply opportunities. Public-private partnerships are also emerging to deliver affordable rental units, positioning Japan as a dynamic market for institutional BTR investment.

Japan’s private institutional Retirement Living market remains fragmented and faces regulatory complexity, but there is substantial scope for increased institutional participation. New recruitment pipelines and training subsidies are supporting labour supply, while existing incentives encourage the development of senior housing to meet the needs of Japan’s ageing population.

日本のPBSA市場は、需要面の政策支援が大きな特徴です。供給側の変化は限定的ですが、学生の大半が民間賃貸に居住しているため、留学生増加を後押しする政策は多世帯賃貸市場にも直結します。高品質なPBSAが学生誘致や賃貸市場の逼迫緩和に寄与する役割を、政府がより明確に位置づける余地があります。

日本の集合住宅賃貸市場では、海外人材・留学生の誘致を狙った需要サイド政策が進展しています。これらの政策により賃貸ニーズが下支えされ、新規供給のチャンスが広がっています。また、手頃な賃貸住宅を供給する官民連携も拡大しており、日本は機関投資家にとって魅力的なBTR市場として注目されています。

日本の民間シニア住宅市場は依然として分散的で、規制も複雑ですが、機関投資家が参入できる余地は十分にあります。新たな人材確保や研修補助制度により労働力環境が改善し、高齢化に対応した住宅開発を後押しする各種インセンティブも整備されています。

Government initiatives have introduced new rental typologies and tendered state properties for conversion into co-living spaces, fostering innovation and vibrancy in the market. While co-living is not yet a formal planning use class, regulatory shifts have enabled a diverse range of products and encouraged intergenerational and senior co-living. Singapore’s robust demand profile, driven by international talent and students, ensures the Living sector remains dynamic and well-positioned for future growth.

PBSA across APAC is underpinned by strong international student growth, with governments actively easing visa rules and expanding university enrolments. Despite this, PBSA supply remains limited in most markets, creating a sustained mismatch between demand and quality student housing. As countries sharpen their focus on global education competitiveness, PBSA is emerging as a high‑growth institutional opportunity that supports both student experience and broader rental market resilience.

BTR is gaining momentum across APAC as governments look to boost rental supply, attract global talent, and support more flexible living solutions. Policy reforms including tax incentives, clearer planning pathways, and long‑term rental frameworks are steadily lowering barriers for institutional capital. With growing acceptance of renting, shrinking household sizes, and ongoing affordability challenges, BTR is becoming a core component of the region’s residential investment landscape.