Residential eligibility criteria – clarification on occupancy levels

Eligibility criteria 2 for Residential assets states:

2) Assets are required to be stabilized and have maintained a minimum level of occupancy.
a) Stabilized assets are those are either at least 5 years old OR have achieved a 92% occupancy rate.
AND
b) The asset must have an average occupancy of at least 80% for one year prior to the start assessment. This threshold must be met for the year in which consumption data is supplied.
AND
c) The asset must be intended to be a Primary Residence of Occupants.

Stabilized asset

The 92% occupancy requirement can be achieved at any point during the asset’s life. An asset is stabilized once this has been achieved, and 92% occupancy does not need to be maintained afterwards.

General occupancy requirements

Unlike Commercial assets, requirements for occupancy apply to both Part 1 and 2 assessments, and all Residential assets must be a year old before assessment.

This is a policy decision to ensure that:

  • There is a clear separation between new-build and existing Residential assets. This is to avoid potential confusion for future home buyers or renters.
  • There is consistency and comparability between Residential assets by ensuring a consistent level of occupancy.