Impacts of the National Rental Affordability Scheme on Housing Investments: Changes in Investment Profiles and Investor Satisfaction

Australia’s worsening housing affordability crisis prompted the introduction of the National Rental Affordability Scheme (NRAS) to stimulate new affordable rental supply. This paper evaluates the extent to which NRAS has influenced housing investment patterns by analysing investor profiles, changes in investment portfolios before and after the scheme, and levels of investor satisfaction. Drawing on survey data from NRAS participants, the study identifies how the scheme has shaped investment decisions, tenancy choices and perceptions of program effectiveness. The findings provide insights into NRAS’s overall impact on housing investment behaviour and offer evidence to inform future affordable‑housing policy design.