Grainger sees first-half profits rise after it boosts rents

Grainger, the listed residential landlord, saw its pre-tax profits rise by 7% in the first half to £54.3m as it increased rents and completed new housing developments.

The group said “strong structural drivers” in the private rented sector, which now houses 4.5m UK households, “continue to underpin good rental growth”.  It said there was a “growing trend of private landlords exiting the sector”.

Like-for-like rental growth was 3.7% from a year earlier, slightly slower than last year’s 4.1% growth. Net rental income rose by a third to £29.1m on completion of new developments.

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