Build-to-rent (BTR) is a concept being labelled as a 'Gen Z' solution to New Zealand's housing crisis.
The model, which is popular overseas, aims to provide housing security for long-term renters, and it's good news for Kiwis, as the country's biggest BTR isn't far from opening its doors.
Located across from Auckland's Sylvia Park, the brand-new complex will offer tenants the flexibility of renting, paired with the stability of home ownership.
It's long been a dream for Kiwis to climb the property ladder, but now it appears the younger generation is more focused on riding the apartment lift - with statistics showing one in three households rent.
The BTR concept, which is popular overseas, sees investors build apartments solely for renting, therefore, they can't be sold and renters can't ever be kicked out.
"Being able to call something home is really difficult in the current market. We want people to stay as long as they can and put down their roots and really call it home," Kiwi Property CEO Clive Mackenzie told Newshub.
"Renting is a way of life," he added. "It's really about providing security of tenure and great product here."
According to research, a lack of quality properties, security of tenure, and inconsistent or unexpected rent increases are the top three barriers facing Kiwi renters.
In a statement from Kiwi Property on Sunday, Mackenzie said their aim is to help address those concerns when it comes to renting.
"If you want to stay for long-term you can. But also, if you're a young couple and you're saving up for a deposit - it gives you a great place that you can live for a couple of years while you're saving that deposit," Mackenzie explained.
And those aren't the only perks. Pets are welcome, personal decorating is allowed and there's also an on-site gym, concierge and BBQ area.
"We've taken the step of spending $240 million on this development and we have a number of other schemes lined up to bring to market," Mackenzie said.
A recent survey found that 70 percent of people aged over 30 consider owning a home as the Kiwi dream.
However, when 18 to 29-year-olds were surveyed, only 59 percent thought the same.
The majority of those who were surveyed, who didn't own a home, said the cost of living and of house prices themselves were the biggest obstacles standing in the way of home ownership.
That's the case for 24-year-old renter Paddy Gainsford who said home ownership is not on his radar.
"I suppose I'd imagine myself renting for at least 10 to 15 years," Gainsford said.
He told Newshub he's interested in the idea of BTR.
"I did have some friends late last year in December that had to move out all of a sudden," he explained.
"Auckland's a very competitive market so I think there was a lot of stress involved especially that time of year."
It's stressful situations like that that BTR promoters say won't happen when renters are given a new way of life.
