Grainger reports increase in rental growth
Grainger has reported a 2.4% uptick in like-for-like rental growth for the four months ending January, while its occupancy has stayed static.
Grainger’s PRS portfolio, which accounts for around three-quarters of its total net rental income, achieved 1.8% rental growth on a like-for-like basis. Its regulated tenancy portfolio saw like-for-like growth of 4.2%.
Grainger said its sales performance remained positive across all regions, with pricing on its sales pipeline ahead of valuations by “between 1% and 2%”.
Grainger has reported a 2.4% uptick in like-for-like rental growth for the four months ending January, while its occupancy has stayed static.
Grainger’s PRS portfolio, which accounts for around three-quarters of its total net rental income, achieved 1.8% rental growth on a like-for-like basis. Its regulated tenancy portfolio saw like-for-like growth of 4.2%.
Grainger said its sales performance remained positive across all regions, with pricing on its sales pipeline ahead of valuations by “between 1% and 2%”.
Its regulated portfolio vacancy rate was stable at 7.3% in the year to date.
Occupancy in its PRS portfolio remained at 90%, which Grainger said was in line with levels at the end of FY20.
Chief executive Helen Gordon said that despite experiencing a pandemic-led delay in recovery for occupancy levels in its PRS portfolio, particularly in London, it was seeing “strong levels” of new enquiries from prospective customers.
She said the majority of this interest focused on move-in dates in the spring, pointing to a strong lettings market when restrictions are lifted.
“Our regional investment strategy has held us in good stead,” Gordon added.
“Our PRS pipeline activity remains broadly on track, and leasing of our scheme in Milton Keynes has gone well, in line with underwriting. The for-sale housing market continues to be buoyant. Our sales performance of ex-regulated tenancy properties has been notably strong, with high volumes ahead of valuations.”
Grainger collected 98% of rent owed during the period.
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