New Build to Rent Development in Mt Wellington inaugurated

"The Prime Minister and I were honored to cut the ribbon at Resido, New Zealand's largest Build to Rent development to date," said Minister Bishop.

Prime Minister Christopher Luxon and Housing Minister Chris Bishop inaugurated a new Build to Rent development in Mt Wellington this morning.

"The Prime Minister and I were honored to cut the ribbon at Resido, New Zealand's largest Build to Rent development to date," said Minister Bishop.

"Build to Rent housing, exemplified by the Resido development, is a key component in addressing New Zealand's housing crisis. These developments increase the supply of secure, affordable, and high-quality rental properties, thereby exerting downward pressure on rents.

"Build to Rent projects consist of purpose-built, medium-to-large scale rental properties, often conveniently located near major transport links. They are typically professionally managed, offer excellent amenities, and provide residents with a variety of lifestyle options.

"Internationally, such developments are becoming more common, frequently offering longer leases to tenants and attracting institutional investors like pension funds.

"There is no single solution to New Zealand's housing crisis, so we must explore all available options to increase housing supply. Build to Rent is a vital part of that strategy.

"Today, I am introducing legislation to Parliament that will amend the Overseas Investment Act 2005 to better support Build to Rent housing developments.

"This new legislation will create a streamlined consent pathway for investors to purchase land intended for new Build to Rent developments or to buy existing ones.

"These legislative changes are bolstered by a recent directive from Associate Finance Minister David Seymour and myself, ensuring that New Zealand is open to foreign investment in Build to Rent developments.

"The Coalition government remains committed to the ban on overseas investment in existing residential housing and land in New Zealand, except where the investor is eligible for consent. The changes introduced today focus on increasing the housing supply and making it easier for Kiwis to access warm and dry homes."