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Elevate Magazine
October 29, 2024

Construction of New Built-to-Rent Houses Set To Begin Next Month

construction of new built to rent houses set to begin next month

The construction of more than 300 new build-to-rent houses in Auckland is set to commence next month. This project, spearheaded by Simplicity Living, a subsidiary of KiwiSaver provider Simplicity, has recently received resource consent for its Remuera development, located on land acquired from Ellerslie Racecourse.

Managing director Shane Brealey emphasised the advantageous location of the development, which is conveniently situated near schools, a supermarket, and a hospital.

“We are looking for residents that are looking for a secure tenure, more affordable rental opportunity for their housing solution, and because we’re very efficient in our design, construction, and delivery, we don’t have to push the rents like some other BTR operators might have to do.”

Brealey expressed confidence in the demand for these new homes, referencing the success of a previous project in Mount Albert, which saw all 51 homes fully leased within three weeks.

He noted that despite the current depressed housing market and strained rental conditions, their strategy of providing high-quality homes at affordable prices has not faced significant challenges in maintaining occupancy levels. Simplicity Living boasts a portfolio of 210 completed apartments and 297 under construction, maintaining an impressive occupancy rate of 99.2% since its inception three years ago. 

The project is expected to create over 600 jobs at its peak during construction. Completion is anticipated by February 2027.