Survey hints at cautious 2026 strategy for property investors
New Zealand residential landlords are becoming more anxious about interest rates and tenant law, even as rent rise plans remain widespread and the market continues to favour renters, the latest Crockers Property Management–Tony Alexander Investor Insight survey shows.
The February survey, based on responses from residential investors, found that “landlords have become much more concerned about interest rates rising and there is an underlying upward trend in worries about tenant legislation.”
That shift in sentiment comes despite lower interest rates and an improving economic outlook that would normally support stronger investor appetite. The results also sit against a dovish turn from the Reserve Bank, which Westpac says has raised the bar for early OCR hikes and tilted the outlook toward a softer New Zealand dollar.
Weak appetite to buy, more thinking of selling
Investor demand to expand portfolios remains tepid. Only 16% of respondents are thinking about buying another property within the next 12 months, unchanged from January and “still one of the weakest outcomes during the nearly five years we have been running this survey.”
At the same time, around a third of investors (near 33%) expect to sell a property in the coming year, down from 38% last month but still on a gradual uptrend when volatility is smoothed out. Offsetting buying and selling intentions shows “a net 17% of existing residential property investors are thinking about selling their property over the coming year.”
The report notes that an ageing landlord cohort cashing in to fund retirement is likely part of this shift away from very long‑term holding.
Tenant-friendly market, but rent hikes still planned
On the rental front, conditions remain tilted toward tenants. A net 30% of investors say finding good tenants is difficult, “perhaps reflecting the combination of below average population growth and high supply of unsold and now rented out developers’ properties in the market,” Alexander (pictured) said.
While this measure has eased a little for two consecutive months, “the overall situation remains one in which the rental market favours tenants,” he said.
Despite the tenant‑friendly backdrop, many landlords still intend to lift rents. A net 44% plan to raise rents in the next 12 months, with an average targeted increase of 4%. But the survey warns that “actually achieving rent rises may be difficult in an environment of high rental property supply and below average population growth.”
Financing easier than costs and policy risk
Financing, by contrast, is not seen as a major constraint.
“Overall landlords are not indicating that bank financing is difficult to achieve,” Alexander said.
Instead, cost pressures and policy risks dominate, with insurance and council rates topping the list of concerns, alongside a “slow upward trend in concerns about tenant legislation” as the next election approaches.
Read the full report for more data and insights.
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