National Rental Affordability Scheme
Overview of NRAS
With rents expected to grow at approximately 4% - 7% p.a. during the mid-2000s for mainland Australian cities, mainly due to lack of building new dwellings, then-Treasurer Wayne Swan launched the NRAS scheme in July 2008.
Background of NRAS
The National Rental Affordability Scheme or NRAS was launched for the purpose of providing assistance and funding to increase the supply of affordable rental dwellings and reduce rental costs to low to mid income earners.
Eligible tenants are determined on an income basis and in Tasmania MPG estimates that more than 50% of existing renters may fall within the relevant income limits.
This means that once eligible, tenants can enjoy the saving of 20% of their current market rent - more money for tenants to invest in health education and the general wellbeing of themselves and their family.