Grainger reports continued momentum in lettings

Residential landlord Grainger reported continued momentum in its lettings business in an update on Tuesday, with total like-for-like rental growth reaching 7.1% for the year-to-date, slightly higher than the 6.8% growth it reported at the end of the first half.

The FTSE 250 company said it achieved an impressive spot occupancy rate of 98.7% by the end of May, up from 98.5% at the half-year.

In terms of sales performance, Grainger reported higher vacant sales volumes compared to the same period last year, adding that its sales pricing remained robust, with an average of 1.8% below the September vacant possession values for the year-to-date.

“Momentum in the business is continuing as we move into the peak summer lettings season and the launch of seven new schemes in the remainder of 2023,” said chief executive officer Helen Gordon.

“Occupancy remains at record levels at over 98% and like-for-like rental growth across our national portfolio is continuing to build whilst remaining mindful of overall customer affordability levels.”

At 0930 BST, shares in Grainger were up 0.71% at 226p.

Reporting by Josh White for Sharecast.com.