The Techno-politics of Rental Housing Financialization: Real Estate Service Companies and Technocratic Expertise in Australia’s Build to Rent Market

Abstract

This article argues private expertise is a driving force behind the global expansion of rental housing financialization and, particularly, the making of build to rent (BTR) assets and markets. It develops this argument by investigating Australia’s underexamined BTR market and global real estate service companies (RESCs) as ubiquitous yet unscrutinized intermediaries in this new financialization frontier. Its analysis heeds calls to attend to assetization, as the process of turning things into assets, deploying science and technology studies-inspired marketization approaches, which understand markets as sociotechnical assemblages, and their prior integration with critical political economy of financialization. This approach is enhanced by engaging with the techno-politics of market-making scholarship, which sensitizes assetization approaches to the politics of expertise. This conceptual move respecifies market devices (i.e., material and discursive assemblages of market making) as knowledge contingent (i.e., that require and assert expert knowledge) and provides conceptual terrain to explore the rule of private experts in assetization. Analysis of interviews, media, and industry reporting reveals how RESCs’ epistemic, discursive, and technical efforts format the emergent market, making BTR assets thinkable, visible, calculable, and transactable. This article repositions rental housing financialization as a techno-political project led in nontrivial ways by private experts who act as financializing champions and as intermediaries connecting global finance and local sites, through advisory, valuation, brokerage, and lobbying. This contributes to understandings of the expanding global geographies of rental housing financialization and project ecologies behind urban production. Underscoring the power of private expertise to reconfigure housing markets recasts concerns surrounding market reliance as urban housing crisis salves.