BTR rents down in soft market

The rooftop terrace at Kiwi Property's 295-apartment Resido complex.

Mon, 25 Nov 2024

Rents at Kiwi Property’s first build-to-rent (BTR) project are about 6% down on what it had hoped to charge, the listed developer and landlord said on Monday.The company’s flagship Resido development at Sylvia Park, Auckland, was officially opened by Prime Minister Chris Luxon and Housing Minister Chris Bishop in June.So far, half of the 295 BTR apartments had been leased, Kiwi Property said at its interim results announcement.This was in line with its expectations that it would take 12 to 18 months to fill the building, CEO Clive M...

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