Grainger expects growth to continue in build to rent sector

Grainger PLC on Monday said it saw "another strong year of operational performance" in the 11 months to August and that it expects double digits growth in its build to rent sector.

The Newcastle-upon-Tyne, England-based Grainger said rental growth has been in line with expectations and occupancy remained high. The residential landlord said rental growth in its build to rent private rented sector was at 3% and occupancy was at 96%, in line with guidance.

As a consequence, Grainger said it expects to deliver 35% earnings growth between 2025 and to 2029 from its build to rent development projects.

The company also said it will reduce net debt by £300 million to £350 million by the end of 2029 to "offset the rise in future finance costs from higher interest rates". It noted it already has an accelerated disposals programme in place for its non-core assets, worth around £850 million.

The landlord said it has adapted well to the new Renters' Rights Act in England and said it was benefitting from greater visibility on future vacancies. Grainger said that the recent changes in the UK government have "reaffirmed the government's support for our sector and their continued opposition to rent controls".

Grainger said it will report on November 19 its financial results for the full year ending September 30.

Shares in Grainger were up 1.7% at 170.90 pence in London on Monday morning.

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