NRAS (National Rental Affordability Scheme)

The National Rental Affordability Scheme was a federal program (launched 2008, closed to new entrants 2014) that paid investors an annual cash and tax-offset incentive worth roughly $11,000 (CPI-indexed) in exchange for renting the property at least 20% below market rent to eligible low-income tenants. NRAS properties had a 10-year incentive period; many of those 10-year runs are now expiring in the 2024-2026 window, which is why the term still pops up in property listings and accountant conversations. Once the incentive period ends, the property reverts to being an ordinary investment property at market rent. NRAS properties typically traded at a small discount to comparable non-NRAS stock because of the rent restriction during the incentive period.