Grainger lettings interest at ‘exceptional levels’

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Grainger Plc (LSE:GRI) said lettings interest in its 9,109-strong property estate has hit record levels after an ‘exceptional performance’ recently.


Customer enquiry levels remain very high and well above pre-pandemic normal levels, it added.


“In the run-up to and including September we delivered week-on-week record lettings across the portfolio on both our stabilised assets and our five newly launched schemes across the country,” it said a statement.


“We are on track to deliver 95% occupancy across our portfolio shortly and ahead of target.”


Grainger has a GBP2.1bn pipeline and announced another forward funded deal today with the acquisition of Merrick Place, a 401-home build-to-rent development scheme in Southall, West London, for GBP141m.


In the twelve months to end September 2021, rental growth across the portfolio was 1%, with a 0.3% increase in private rentals (PRS) including incentives and 3.6% in regulated tenancies.


Before incentives, PRS like-for-like rental growth would have been 1.6% for the period, said Grainger, which going forward expects a return to normal levels of rental growth.

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