Grainger hails 'exceptionally supportive' rental market as demand spurs rent income

Newcastle property company Grainger says rental income has grown by 15% over the last four months as demand continues to grow.

The listed landlord said conditions were favourable as demand for homes increased but rental supply continued to be constrained as small, private landlords face increasing headwinds. Ahead of the firm's annual general meeting in the city, Grainger told investors that total net rental income was up 15% in the four months to the end of January as total, like-for-like rental growth in the year to date was 4.7%.

The growth comes as Grainger boasted of 96% occupancy across its portfolio of more than 11,000 homes. Meanwhile sales generated from the firm's regulated tenancy portfolio were said to be funding growth. Prices were strong with average sales 0.5% ahead of valuations.

Grainger has been selling lower yielding tenanted properties and land t