build to rent

PHOTO: A build to rent development in Mt Albert. Photo: RNZ / Tom Taylor

Recent research has unveiled a surging demand for build-to-rent apartments in New Zealand. These developments, which exclusively offer rental options without selling any units, are gaining substantial popularity and expanding in size across the country.

Shane Brealey, the Managing Directornfl jerseys adidas online store wigs on sale jordan 4 with nike air lingerie and sex toys wig sale custom hockey jerseys nfl jerseys cheap nfl gear nike air max excee women nike air max women custom hoodies for men jordan’s store nike air jordan 6 rings sex toys online of Simplicity Living, expressed how emotionally charged the responses have been from prospective tenants when offered a spot in their rental properties. One poignant example he shared was of a single mother with two children who had lived in 20 different addresses over the past two decades. When she received an offer for a place in their Point England build-to-rent project, she burst into tears, realizing that she finally had a secure home for at least the next ten years.

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Simplicity Living provides tenants with two choices: a yearly rental renewal or the option to commit to a full 10-year lease. According to Brealey, approximately a quarter of their residents opt for the decade-long lease term, while the remaining three quarters are content with the year-to-year agreement.

Tamba Carleton, Associate Director of Research at CBRE, a commercial real estate services and investment firm, noted that build-to-rent schemes are a relatively recent phenomenon in New Zealand but have garnered significant popularity. Her research showed a remarkably high demand for this type of housing, with eight out of nine buildings having no vacant units—meaning they had a 0% vacancy rate—and many even had waitlists.

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Brealey’s experience aligns with these findings, as their first build-to-rent unit, Kupenga in Point England, was fully occupied within weeks, and other developments were progressing at a similar pace. Their second project in Oranga is expected to be fully leased within two weeks, and stage two of Kupenga in Point England is commencing its leasing process, expected to be completed in about two weeks.

To the west of Simplicity Living’s developments, Jules Older resides in an apartment built by a different developer in Mt Albert and has nothing but praise for it. He appreciates the diverse community within the building, its exceptional construction quality, and the well-thought-out design that makes even their compact apartment feel spacious.

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Carleton’s research suggests that build-to-rent housing is not just a passing trend; it’s here to stay and is growing in scale. While it is a relatively new concept in New Zealand, it has been established overseas, and the research has shown it evolving and expanding. The first-generation projects generally consisted of 10 to 50 units, but there are now plans for projects with over 100 units.

Kiwi Property’s build-to-rent project near Auckland’s Sylvia Park, set to be the largest in New Zealand, is currently under construction and will offer 295 units when completed.

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