Grainger increases occupancy rate and says it is on track for 50% earnings growth over five years

Grainger has hailed “strong” growth in an unaudited trading update ahead of the publication of its annual accounts next month.

The 11,000-home build-to-rent giant, which registered as a REIT last month, said its occupancy rate increased from 96% in the first half of the year to 98.1% by 30 September.

It posted rental growth of 3.6%, which it said was above guidance, although it slowed from the 4.4% announced in its half-year results.

The developer completed three new BTR schemes in the year, adding 357 units to its portfolio. It said it has a total pipeline worth £1.3bn which gives it the opportunity to add 4,565 to its portfolio.

The group said it is on track to achieve EPRA earnings growth (a measure of underlying growth used by investment companies) of 25% by 2026, to £60m, and 50% by 2029.

Grainger generated £169m from strategic stock disposals, including £82.4m from PRS sales and £86.4m from the sale of regulated tenancy homes.

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The group has been shifting over the past few years towards the build-to-rent market. It registered with a REIT last month in a bid to attract funding from a wider variety of investors.

Helen Gordon, chief executive of Grainger, said: “Our like-for-like rental growth of 3.6% is in line with guidance and remains above the long-term average. Our newly completed developments are leasing up well ahead of expectations and underwriting.

“Our portfolio continues to perform exceptionally well with occupancy at 98.1% ahead of expectations. This performance reflects the strength of our operating platform and inhouse leasing capability, our portfolio of high quality, mid-market homes in great locations and the structural imbalance between supply and demand in the UK rental market.”

Grainger publishes its full, audited financial results for the year on 20 November 2025.