Grainger reports positive start to 2018 amid 'good' demand for rental homes
Source - SMW
Grainger reported 4.1% overall like-for-like rental growth year to date compared to 3.4% in January 2017.
In a trading update for the four months ended 31 January 2018, Grainger said like-for-like rental growth rose 3.0% year to date on its PRS homes, where it continued to see strong demand for its rental offering. Annualised rental growth of 5.4% was reported on regulated tenancy rental reviews versus January 2017 of 4.2%.
Helen Gordon, Chief Executive, said: 'The start to our financial year has been a positive one. We have seen good demand for our rental homes and strong rental growth, ahead of last year'
'We launched our newest private rented sector "PRS" development in mid-January, Argo Apartments in Canning Town, London, and in three weeks we have successfully let nearly forty percent of the 134 apartments at c.3% above our forecast rental levels'
'Since announcing our FY17 results in November, we have secured an exciting new PRS build to rent development in Sheffield, one of our target cities, that will deliver 237 new homes.'
'Our total secured investment pipeline has increased to c.£690m for 4,300 high-quality rental homes, relative to our £850m target.'
At 8:12am: (LON:GRI) Grainger PLC share price was +3p at 274.4p