Kiwi Property has released a development update for the Resido Build to Rent scheme in New Zealand, which officially opened its doors in June 2024.
As at 21 November, 148 apartments (50% of the development) were leased. Kiwi Property is well positioned to meet its 12 to 18 month lease up target.
Ideally located within proximity to Sylvia Park shopping centre, Resido includes 295 Build to Rent homes in a mix of one- and two-bedroom apartments.
Amenities include a gym, rooftop BBQ, media room, residents’ lounge, dog park and an on-site team.
The average age demographic of Resido residents is 34, with 69% of leases having terms of 12 months or longer. The development has a pet-friendly policy, with 31% of its residents being pet-owners.
Kiwi Property commenced leasing during a slowdown period within the Auckland residential rental market, with search activity down 29% and new listings up 29% vs the same month last year.
