The party resolves to fast-track legislation that will unlock B2R housing for Kiwis once in government
The National Party has committed to fast-tracking legislation that will unlock build-to-rent housing for New Zealanders, should it come to power this election year – a move welcomed by the Property Council of New Zealand.
Leonie Freeman, Property Council New Zealand chief executive, said the announcement “fills the missing pieces of the build-to-rent puzzle.”
“Changes to the Overseas Investment Act and allowing depreciation benefits, similar to commercial buildings, would mean this exciting housing solution will be enabled at scale,” Freeman said.
At a Residential Development Summit held in Auckland, Chris Bishop, National’s housing spokesperson, resolved to “quickly move” to introduce the two changes once in government.
Build-to-rent is a type of commercial living, typically within walking distance of key transport links, that features multi-unit, professionally managed, quality homes where tenants have the option to stay as long as they want, offering them a range of amenities and bespoke lifestyle options.
“We’ve been lagging behind the rest of the world in embracing this market-changing concept and I can only hope we see the phenomenal growth other countries are experiencing here on our shores,” Freeman said.
“Build-to-rent will transform the experience of renting in New Zealand. Property Council research shows that our members stand poised to deliver over 25,000 build-to-rent homes in the next decade, with the right policy settings, changes to the OIA, and allowing depreciation the key to unlocking this growth.”
Freeman also acknowledged the current government for recognising the potential of build-to-rent to be classified as its own asset class, similar to retirement villages or student accommodation.
“But we would also encourage the Labour caucus to match the National Party’s commitment to maximise the certainty for potential build-to-rent investors,” Freeman said. “With political courage, the property sector will be able to deliver thousands of new high-quality, high-density rental houses, supporting New Zealand’s urban intensification and climate ambitions. We believe all New Zealanders should have the opportunity to live in a warm, dry and climate-friendly build-to-rent home.”
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