From Pipeline to Homes: The State of Build to Rent in Aotearoa

Build to Rent is increasingly being seen as part of the solution to New Zealand’s housing pressures but the key question is whether it is scaling fast enough to make a difference.

A recent New Zealand Housing Survey by The Urban Advisory highlights the depth of the challenge. More than one in four New Zealanders delayed medical care last year due to housing costs, and 91% say housing is too expensive relative to income. At the same time, over half of respondents want more secure, long-term rental options reinforcing demand for better quality, stable rental housing.

Tracking Build to Rent growth

Property Council New Zealand, together with Colliers, CBRE, Savills, JLL and Bayleys, is tracking the growth of Build to Rent across Aotearoa through a national BTR tracker. It provides a clear view of how the sector is developing over time.

Current data shows:

2,223 units completed
1,146 units under construction
4,328 units in the pipeline

This indicates a sector that is growing, but still at an early stage relative to overall housing need. You can check out the full data on our tracker below.

Why scale matters

The Housing Survey underscores why this matters. Only 57% of renters feel stable and secure in their housing, compared to 90% of homeowners. Demand for better rental options is clear, particularly as nearly half of those planning to retire in the next decade expect to downsize.

Build to Rent is well placed to respond, offering long-term, professionally managed rental housing at scale but only if investment conditions support it.

Unlocking further growth

Property Council is focused on ensuring the right settings are in place to enable BTR to move from pipeline to delivery. We continue to advocate for policy settings that support investment, including extending tax incentives such as the Investment Boost to BTR and addressing depreciation settings that currently limit residential fit-out treatment compared to other asset classes.

The opportunity now is to ensure policy keeps pace so the pipeline can translate into homes at scale.

Author | Bella Leddy

As an Advocacy Advisor, Bella supports the development of policy and advocacy initiatives that reflect the real-world experience of our members.

With a Bachelor of Laws and Politics from Otago University and previous experience as a policy intern at the Department of Internal Affairs, Bella brings both a sharp analytical mind and a genuine passion for public policy. She’s particularly energised by engaging with members to ensure our advocacy is grounded in industry insight and practical solutions.

Extroverted, thoughtful and service-focused, Bella thrives in roles that connect people and ideas. Outside the office, she channels her energy into teaching group fitness classes – including yoga, pilates and spin – and is always up for a good political yarn.