Changes in the structure of the private rental market 1996 to 2023 Report 4 of 6 - “Review of build-to-rent research in the context of tenure restructuring and rental provision and learnings for New Zealand”
New Zealand has undergone a tenure revolution evident in a significant concentration of housing stock in the rental market and the falling away of builds for owner-occupation. Despite the significant increase of stock in the rental market, there has been a considerable price pressure on renters. The rental market is no longer a residual market, nor a transitory experience for those under retirement age. Analysis of the intermediate housing market, that is, those who are unlikely to be eligible for social housing, particularly Income Related Rent subsidised housing and unable to afford owner-occupation even at lowest quartile prices, shows that increasing numbers and proportions of low- and modest- income households in the labour force depend on rental housing.