The Prime Minister says renters will be grateful the Government is bringing in tax relief for landlords

National promised Act the Government would give residential property investors back the ability to write off mortgage interest costs this tax year.

Landlords will be able to claim 80 percent of expenses from next month, and the whole hog from next April.

Chris Luxon says the scrapping of interest deductibility by the last government, added huge costs for landlords.

He says it will put downward pressure on rents and help to stabilise them - stopping 170-dollars per week being added to average rents.