Grainger’s occupancy rates remain ahead of expectations
Grainger’s occupancy rates have risen to 97 per cent, ahead of expectations, with total like-for-like rental growth over the first four months of its financial year accelerating to 3.2 per cent.
The improvements in its occupancy rates are reflected across its services, as tenancy like-for-like rental growth has risen 3.9 per cent, while rent collection remains strong at 98 per cent.
Alongside the boost in occupancies, the UK’s largest listed provider of private rental homes has revealed in latest trading update that its sales prices are ahead of expected valuations by between one to two per cent.
The group is shifting from its regulated tenancy portfolio to a PRS investment portfolio, with its £1.9bn pipeline is expected to deliver growth in recurring earnings, as net rental income, by approximately 2.5 times over the medium term.
Chief executive Helen Gordon said: “We have delivered a strong performance for the start of our financial year. We have achieved occupancy in our PRS portfolio of 97 per cent, an improvement since the year end. Rental growth is strengthening further at 3.2 per cent, having remained positive throughout the pandemic. This performance is testament to our strong operational platform. Our customers recognise the value in our high-quality homes and great service.”