Franklin St has launched Street Score – Australia’s first independent Build to Rent ‘mystery shopping’ programme and a national operational benchmarking initiative designed to measure performance across the sector.
Australia’s Build to Rent sector is continuing to mature, but the new benchmarking data suggests there remains considerable variation in how operators deliver the resident experience.
The inaugural assessment was carried out between May and June 2026, with Franklin St visiting 27 Build to Rent developments across Melbourne, Sydney and Brisbane. Using a single ‘mystery shopper’ and a benchmarking framework comprising 76 assessment criteria, the programme generated over 2,000 data points to provide a consistent comparison of operational performance across projects.
The report found the national Street Score benchmark currently sits at 71.4%, with the highest-performing asset achieving a score of 87% and the lowest recording 36%.
According to Franklin St, the variation between developments operating within the same markets and often targeting similar rental levels demonstrates the differing levels of operational maturity that currently exist across Australia’s Build to Rent sector.
Five developments achieved an ‘Excellent’ rating, scoring above 81.3%, while a further 12 projects were classified as ‘Good’, with scores between 68.8% and 81.3%.
The report also identified several recurring trends across leasing experiences. Around 44% of schemes proactively discussed incentives with prospective residents without being prompted, while an equal proportion highlighted their in-house maintenance service during inspections.
40% of developments introduced prospective renters to shared amenities before showing individual apartments. Street Score evaluates the entire leasing journey, from a prospective resident’s initial online search through to post-inspection follow-up, with individual categories measuring both customer experience and operational delivery.
Online presence formed the first stage of the assessment, reviewing Google visibility, websites, social media activity and enquiry management processes. Performance varied between operators and individual projects, with the highest score in this category reaching 85%.
The arrival experience was another area measured, assessing how easily developments could be located, the quality of external presentation and branding, and the overall first impression created for prospective residents. The leading scheme in this category recorded a score of 95%.
The benchmark also considered broader contextual factors, including project condition, location, apartment quality, amenity provision and sustainability features. While Franklin St notes these elements are not purely operational measures, they provide important context when evaluating the overall leasing experience. The highest-performing development achieved 90% in this category.
Staff performance emerged as one of the strongest differentiators between projects. The benchmark assessed leasing teams on their product knowledge, understanding of prospective residents’ needs and their ability to build rapport throughout inspections. The leading scheme recorded 98%, highlighting the importance of front-line staff in delivering the Build to Rent proposition.
The inspection process itself was also assessed, focusing on how effectively leasing teams presented apartments, demonstrated amenities and ensured prospective residents left with a clear understanding of the development. The top-performing development achieved 95% in this category.
One area identified as an opportunity for the sector was brand storytelling. Franklin St found many operators are not fully communicating what differentiates professionally managed Build to Rent schemes from traditional Build to Sell homes.
The report suggests a stronger emphasis on explaining the Build to Rent model and the long-term value proposition could help operators better distinguish themselves in an increasingly competitive market. The highest-performing development in this category achieved a score of 92%.
Value for money was another key area of assessment, covering pricing transparency, incentives and the communication of included features. While all schemes provided white goods as standard, the report found these inclusions were not always discussed during inspections. Internet connectivity was also rarely presented as an included feature. The highest score recorded in this category was 75%.
The final stages of the leasing journey proved to be another point of differentiation. Franklin St found the quality of closing conversations, clarity around next steps and the speed and effectiveness of follow-up communication varied significantly between operators. The strongest-performing development achieved 95%.
Alongside the individual assessment categories, Street Score also includes an overall qualitative measure designed to capture the complete leasing experience. Franklin St said this holistic rating helps distinguish projects that perform consistently throughout the customer journey from those that score well across individual metrics but fail to deliver a cohesive overall experience. The highest score recorded in this final category was 100%.
Franklin St stated that using a single mystery shopper throughout the national assessment allows direct comparisons to be made between projects, operators and management models.
The report concludes that while Build to Rent continues to establish itself as a professionally managed housing product in Australia, the benchmark reveals clear differences in operational quality, execution and resident experience across the sector.