Grainger says demand continues to grow amid undersupply of housing
Grainger PLC on Wednesday said its market ‘is structurally supported’ as the undersupply of rental housing in the UK worsens, pushing up demand.
The Newcastle-upon-Tyne, England-based residential landlord reported total like-for-like rental growth of 3.1% annually for the four months to the end of January. A ago, Grainger had reported total like-for-like rental growth of 4.7% for the same four months.
Occupancy stood at 96%, unchanged from a year ago.
Grainger said: ‘Our market is structurally supported, as demand continues to grow and the undersupply of rental housing worsens as small, private landlords face increasing headwinds and new competitor supply slows.’
Chief Executive Helen Gordon said: ‘Grainger continues to perform strongly. We successfully maintained healthy rental growth and strong levels of occupancy across the portfolio. We continue to see strong demand for our product, with our latest London built to rent scheme, Seraphina, being fully let in less than four months.’
Gordon added: ‘Our outlook is strong and positive, with market-leading earnings growth to come and a proven ability to deliver sustainable rental growth and high occupancy, driven by our leading operational platform.’
The company will publish results for the six months to March 31 on May 14.
Grainger shares were up 1.8% to 197.03 pence each on Wednesday morning in London.
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