This report has been prepared in response to a research brief commissioned by the Housing, Homelessness Ministers’ Advisory Committee (HHMAC) through AHURI Limited. The central question in this brief was how to encourage institutional investment in rental housing to increase the supply of dwellings affordable to moderate and low income households. It did not seek a response to the broader question of whether this was likely to represent a value for money solution for government. The brief specified use of an Investigative Panel to address its central question.