Greystar opens Haiku Yarra, completing South Yarra’s only purpose-built rental community

Greystar’s Haiku tells Aussie renters they can “ Love it or Leave it”, as its unveils its third build to rent property in Australia

Melbourne, Australia – August 13, 2025 – Greystar, a global leader in rental housing, today announced the opening of its second tower at its Haiku development in South Yarra, completing the only purpose-built rental community in one of Melbourne’s most desirable inner-city suburbs.

Designed exclusively for renters, Haiku Yarra provides a unique and lifestyle-led residential experience that eliminates the limitations of traditional rental options in South Yarra, such as older or outdated properties, limited availability and long waitlists. Haiku Yarra is the second tower in South Yarra, with Haiku Claremont commencing operations earlier this year. 

“When you choose to live in Haiku, you’re not just renting an apartment, you’re owning a lifestyle,” said Matt Woodland, Managing Director at Greystar Australia. “We believe renting is a choice you should feel proud of and that everyone deserves to rent a place they truly love. We’re excited to open our third build to rent community in the highly sought after suburb of South Yarra, centred around the things we know renters love - dining out, active lifestyles and connection.”

Haiku Yarra consists of studio, one and two-bedroom apartments, with high-end finishes, flexible layouts and views of the city skyline. In a tight rental market, with Melbourne’s rental vacancy sitting at 1.3%, Haiku Yarra offers lease terms up to three years, giving residents long-term security and certainty, without having to sacrifice living in a prime spot or a high quality home.

To mark the opening, Haiku is offering a ‘Love it or Leave it’ guarantee, to give residents confidence and control in choosing a home they genuinely love. Under this industry-first offer, residents who decide that Haiku is not a perfect fit after 30 days can give 30 days notice to walk away, with no stings attached. Currently, renters in Melbourne who change their mind and want to break a fixed lease can face significant financial penalties, such as lost rent or reletting fees.

“Haiku is known for doing things differently, first with our ‘Find Love (or a New BFF) at the Claremont’ offer and now with our ‘Love it or Leave it’ commitment,” said Woodland. “Our strategy is to create a rental experience where residents feel valued and have the ability to truly love where they live. This directly challenges the traditional rental model in Australia, where renters are effectively trapped in leases, even if the property fails to meet their standards.” 

Located at 16 Yarra Street South Yarra, Haiku Yarra was designed by leading Melbourne architecture firm Fender Katsalidis and constructed by Australian builder Hickory. Haiku’s signature interiors were designed by Hecker Gutherie in collaboration with not-for-profit organisation Craft, integrating artwork from local artists throughout the building. 

Residents across Haiku Yarra and Haiku Claremont have access to:
● Rooftop saltwater spa and sundeck - with panoramic views of Melbourne 
● State-of-the-art health & wellness centre - with a dedicated studio for yoga and pilates 
● A fully equipped coworking lounge - with high-speed internet and private meeting rooms
● Private dining rooms and a chef's kitchen - for hosting intimate gatherings or events
● A lounge, entertainment & games room - for socialising with other residents
● A pet spa - for taking care of welcomed four-legged residents 
● Podcasting studio - on demand recording space giving high quality content, right at home 

Like all Haiku properties, Haiku Yarra is professionally managed by a dedicated concierge and resident services team. This hotel-style support includes parcel and dry cleaning collection, on-site maintenance, in-house local restaurant and activity expertise, dog walking services and more. There is also an events manager to curate and create resident events, from sunrise yoga, run club and breathwork classes to pasta & pinot night, creators club and book club. 

Haiku Yarra is perfectly situated for a healthy and vibrant lifestyle, a short walk from top health and fitness studios like 1R and Barry's, as well as Melbourne's iconic Tan Track. It’s also a short walk to iconic Melbourne dining spots like France-Soir, Cucina, Yugen and the Prahran Market.

“Haiku offers a completely different experience to what Australian renters are used to. We’ve eliminated the pain points of chasing an agent or landlord for an urgent repair, waiting in long queues at rental inspections or dealing with the uncertainty of a short-term lease,” said Woodland. “Residents can enjoy a lifestyle, with less worry and more flexibility and freedom.”

The opening of Haiku Yarra marks a significant milestone in Greystar’s vision and strategy to transform rental living across Australia. This is the third Haiku property to launch in less than 12 months, joining Haiku Claremont and Haiku Gladstone in South Melbourne. The company is actively developing a portfolio of build to rent and purpose-built student accommodation projects, notably including the highly anticipated Zetland community in Sydney, set for completion in 2027.

This project is possible with the support of Greystar investors and NAB.

About Greystar 
Greystar is a leading, fully integrated global real estate platform offering expertise in property management, investment management, development, and construction services in institutional-quality rental housing. Headquartered in Charleston, South Carolina, Greystar manages and operates over $300 billion of real estate in nearly 250 markets globally with offices throughout North America, Europe, South America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, manages over 1,000,000 units/beds globally. Across its platforms, Greystar has over $79 billion of assets under management, including over $35 billion of development assets and over $30 billion of regulatory assets under management. Greystar was founded by Bob Faith in 1993 to become a provider of world-class service in the rental residential real estate business.

Media Contact: 
greystar@slingstone.com