Real estate group PRS reports strong Q4 performance

Private rented sector-focused real estate group PRS REIT said its portfolio performed "very strongly" over the final quarter of its financial year, with occupancy and rent collections at very high levels and arrears remaining low.

Like-for-like rental growth over the 12 months to 30 June was 11.7%, unchanged from the third quarter, with estimated rental value per annum of £65.1m, up from £62.3m three months earlier.

Some 88 new rental homes were added during the period, taking the total number added during the financial year to 316 and the overall number of completed homes in the portfolio to 5,396, up from 5,080 at the end of March.

PRS REIT now has just 180 homes left to be delivered before the initial portfolio is completed.

"Market fundamentals remain strongly supportive of the company's business model, which is focused on high-quality, professionally managed, build-to-rent homes for families," the company said.

"The single-family sector remains in a significant supply deficit across the UK, and macro trends, including population growth and the rise in household formation, continue to feed demand."