Build-to-Rent Developments in Frankston: How They’re Reshaping Affordability for Local Renters

Frankston’s growing number of build-to-rent apartments are offering local tenants long leases, on-site amenities and peace of mind, just as the gap between renting and buying in the suburb widens further.

The surge of newly completed and in-development build-to-rent buildings comes as vacancy rates in Frankston remain tight and would-be first-home buyers face stiff competition and high deposit hurdles, especially in areas near Bayside Shopping Centre and along Kananook Creek Road. The question for many residents is whether these new projects make more financial sense than ever.

New Nepean Highway Projects Offer Security and Services

On the Nepean Highway, the recently finished Shore Residences-a 110-unit build-to-rent complex managed by Hearthstone Living-now offers move-in-ready apartments with features traditional rentals often lack. Secure parking, on-site maintenance, communal gardens, pet-friendly policies, and even a residents’ co-working lounge set these properties apart from ageing blocks closer to Frankston train station.

A second large-scale build-to-rent, Willow Place, is rising just north of Kananook station. The 88 apartments there are earmarked for long-term renters, with contracts starting at 18 months. Both sites position themselves as an alternative for residents squeezed by private landlords, discouraging short-term investor churn and offering fixed annual rent increases.

Affordability: Comparing Numbers

According to CoreLogic data released in May 2026, median weekly rent for a two-bedroom unit in Frankston hit $480, up from $421 a year ago. Meanwhile, domain.com.au lists the median Frankston unit sale price at $535,000 in June, requiring a deposit of more than $53,000 plus stamp duty-often out of reach for singles and young couples. Shore Residences advertises rents at $495 per week for a modern two-bedder, but with utilities, Wi-Fi, and secure entry included, plus the guarantee of multi-year leases that shield tenants from surprise evictions.

For many tenants-especially professionals commuting via Frankston Station or health workers at Frankston Public Hospital-the certainty and convenience of these new projects are attractive enough to offset the slightly higher weekly rent compared to older private rentals.

What Prospective Tenants Should Know

Shore Residences is now taking applications for August start dates, while Willow Place opens pre-leasing in September. Practical advice from HeartStone’s leasing office is to review the full schedule of resident benefits, consider your likely tenure, and budget for smaller outlays on upfront fees. Prospective renters can visit onsite display apartments or book virtual tours through agency websites. For residents weighing the step from renting to buying, the newest build-to-rent offerings in Frankston provide an immediate solution to rental instability-and a taste of premium amenities usually reserved for owners.

This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.