Auckland’s Takapuna may see the rise of a new 350-apartment development focused on long-term renters. This ‘build-to-rent’ project offers tenancies up to 10 years, aiming to give renters stability.
The 2875m^2 site on Auburn Street could be the first major Build-to-Rent development in the North Shore. Instead of selling to individual landlords, these apartments are designated for long-term rental.
Kate Cumberpatch, of Auckland Council’s Eke Panuku, believes such a project will benefit Takapuna’s businesses, bringing economic growth and vibrancy. The council sold the land for this venture to developers Cedar Pacific and McConnell Property.
Build-to-rent projects are favoured as they offer affordable housing in high-priced areas. Tenants can personalise their homes, have clarity on pet policies and can end tenancies with 56 days’ notice.
Denise Lee, from the Property Council, thinks New Zealand is lagging in offering such rental options. Lee highlights that with suitable laws, New Zealand could produce 25,000 build-to-rent homes in a decade.
However, Mark Todd, co-founder of Ockham Residential, voiced concerns. He believes New Zealand should not forsake the goal of home ownership. He also raised concerns that large-scale developments might not always mean quality living spaces.
The debate continues over whether government policy should lean more towards long-term rentals or uphold the traditional aspiration of home ownership in New Zealand.
