PRS REIT saw like-for-like rental growth of 7.5% over the 12-month period to 30 June.
The single-family housing provider, which announced its Q4 trading update this morning, said it had boosted its portfolio to 5,080 homes by 30 June, with an estimated rental value of £55m per annum – up from £47.8m across 4,786 homes in 2022.
The REIT said: “Reflecting the general lack of supply of good-quality rental homes, demand for the company’s homes – single-family rental housing – remains very high. The performance of the portfolio continues to be outstanding. Occupancy levels and rent collection are high, while arrears are low and, over the 12 months to 30 June 2023, rental growth was at 7.5% across the portfolio.”
Rent collection was at 99% at the end of Q4, with occupancy at 97%.
PRS REIT said it had a further 444 homes, with an ERV of £3.8m pa, in its pipeline at varying stages of the construction process.
With rental demand strong and rising, and the build-to-rent sector still nascent, the group said “encouraging fundamentals” should be reflected in future asset valuations.
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