Grainger, the UK’s largest landlord and a huge player in the Build To Rent sector, says it’s going to implement only ‘responsible’ rent rises.
The operator has some 10,000 homes in the rental sector and a pipeline of a further 10,000 purpose-built rental units.
In a trading statement to shareholders Helen Gordon, the firm’s chief executive, says: “Momentum in the business is continuing to accelerate and our mid-market strategy and in-house scalable operating platform has delivered a strong performance.
“Occupancy remains at record levels at over 98 per cent.
“At the same time, like-for-like rental growth across our national portfolio is continuing to build over the second half of our financial year.
“Despite the buoyant rental market, we are very mindful of the financial challenges facing many individuals. We are therefore taking a responsible approach to rental increases, ensuring affordability for our customers remains a central consideration and balancing rent increases with retention.”
Gordon says Grainger will also emphasise those features generally not offered in the buy to let rental sector.
“We are also supporting customers where we can with their other costs by continuing to invest in the energy efficiency of our portfolio, with nearly 90 per cent of our PRS portfolio offering the highest energy ratings (A-C), providing substantial savings to our customers.
“In our newer properties, we are also providing free broadband and complimentary gyms, and we are providing practical advice and support to over 20,000 customers on how they can reduce their energy usage and costs, and other bills.
“In addition to supporting our customers, we have provided financial support to all of our colleagues, excluding our senior executive team, through an additional £1000 cost of living payment.”
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I cannot wait to see how much exactly these “affordable “ rents are, especially when they include free broadband, gyms and god knows what else 😂. In a similar vein to the PFI scandal, once the BTR crew have you they will tie you up so much you will never escape, but by then the PRS will have been decimated, so no alternative will exist 🤔 I see a sinister plan afoot…….
Yes Simon, personally l see it as more akin to the sub prime crisis which cost a staggering amount to bail out the financial institutions.
How is a 'responsible' rent rise calculated?
It would have to be by inflation, 10%, just to stand still, Grainger are no charity they have large salaries to pay
Seems like this report is just an advert. Sounds better if you say 'responsible' rent rise. Aren't all rent rises responsible?
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