A vibrant and growing Build to Rent sector in New Zealand has raced a lot closer to reality, with a recent Build to Rent announcement from the government.
In a significant win for Property Council, Housing Minister Megan Woods listened to the property sector and announced that the government will soon establish a dedicated Build to Rent asset class, with access to interest deductibility in perpetuity.
Build to Rent has been a key industry leadership topic for Property Council. Over the past 18 months, Property Council worked closely with the government to highlight the untapped potential of Build to Rent and explain the legislative actions required to enable it.
While the government’s announcement was a significant step forward, there are a few remaining speed bumps to overcome. To ensure a vibrant Build to Rent sector, access to large scale institutional investment via the overseas investment act and tax parity through commercial depreciation is also required.
Property Council and our Build to Rent member taskforce will continue to push hard to get Build to Rent across the finish line, to support the roll out of the world’s fastest-growing residential sector.