On 8 September 2026, the New Zealand Government issued an official release on beehive.govt.nz confirming that Active Investor Plus (AIP) Growth Category investors will be able to invest in Build to Rent developments — purpose-built long-term rental housing — through approved managed funds.
Key Details
- Effective date: From December 2026, Growth Category applicants can include Build to Rent as part of their overall New Zealand investment.
- Investment method: Only through approved managed funds; there is no direct investment option.
- Investment threshold unchanged: The Growth Category minimum remains NZD 5 million and applicants must still meet all AIP requirements.
- Important restriction: Applicants and family members cannot live in a Build to Rent development funded through their investment.
What Officials Said
Immigration Minister Erica Stanford said AIP is designed to attract experienced investors who can contribute meaningfully to New Zealand’s economy. She said the Growth Category focuses on business growth, innovation and productivity, with Build to Rent adding another option while retaining the managed-funds model.
Housing Minister Chris Bishop said Build to Rent can help deliver more homes and give renters more choice. Building Minister Simon Watts said the government wants investment and construction policy to work together by attracting capital and talent while supporting the construction sector.
Official AIP Program Data
- The AIP programme was refreshed in April 2025 into Growth and Balanced categories, replacing the previous weighted model.
- The Growth Category minimum investment is NZD 5 million.
- Since the refreshed settings were introduced, AIP has recorded more than 900 applications, with around NZD 5 billion in approved and pipeline investments.
- More than 80% of applications are in the Growth Category.
What This Means for Investors
Build to Rent is available only through managed funds. Investors cannot directly invest in a specific Build to Rent development and must use a fund approved by Invest New Zealand.
A wider range of property developments, including residential and commercial projects, remains available under the Balanced Category. Direct investment in Build to Rent developments specifically is not available under either category.
This update is related to, but distinct from, the separate rule that took effect in March 2026 allowing AIP investors to purchase residential property worth NZD 5 million or more. Build to Rent is a managed-fund investment forming part of the AIP portfolio and cannot be self-occupied; a personal residential purchase is a separate arrangement. Confirm the distinction with a licensed adviser when structuring an investment portfolio.
FAQ
Can Balanced Category investors invest in Build to Rent?
The new Build to Rent option is exclusive to the Growth Category and is delivered through managed funds. Balanced Category investors have access to broader property-development options, but the pathways and rules are different.
Can investors live in a Build to Rent unit?
No. The official release states that applicants and their family members cannot live in a Build to Rent development funded through their investment.
Outcomes, processing times and subsequent status arrangements vary according to the applicant’s background, project, document completeness and official assessment requirements. This content is for reference only and does not constitute a guarantee of approval or investment advice.
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