Grainger, the UK’s largest listed provider of private rental homes, posted like-for-like rental growth of 6.3% to the end of September from 8% a year ago.

The firm, which also provides buy-to-rent and social homes, says its overall like-for-like rental growth came in at 6.3% to the end of September from 7.7% over the same period in a stock market update.

Occupancy rates in its buy-to-rent and private rented portfolio came in at 97.4% from 98.6%. In total, the business has around 12,000 homes in its portfolio.

Grainger chief executive Helen Gordon says: “Grainger has delivered double digit rental income growth this year in line with expectations, with strong like-for-like rental growth at 6.3% and while we expect rental growth to ameliorate somewhat, we still expect levels to be above the long-term historic average for 2025.

“This growth is supported by our rapidly growing portfolio, with over 1,100 homes added to our portfolio this year and a pipeline which will double our rental income when compared with 2023.

Gordon adds: “Rental growth in 2025 will be underpinned by continuing high levels of wage growth throughout the UK and particularly in our target customer demographics and geographical locations.

“Affordability remains healthy and customer satisfaction scores remain high, demonstrating the sustainability of our rental income growth going forward.

“The UK rental market continues to experience rapidly accelerating growth in demand, while supply remains constrained.”

It adds that leasing is “going exceptionally well” in its newly completed schemes, ahead of underwriting which assumes 12-18 months for lease-up. These projects are:

• Copper Works, Cardiff, comprising 307 homes — launched late in February, 79% let, or 241 homes
• Millwrights Place, Bristol, comprising 231 homes — launched in June, 77% let, 187 homes
• Silver Yard, Birmingham, comprising 375 homes — launched late in June, 49% let, or 185 homes
• Windlass Apartments Phase 2, comprising 65 homes — recently completed, launching in the first quarter of next year

The business says: “The newly elected Labour government have publicly opposed introducing rent controls in favour of stimulating the housing supply-side and raising standards via the Renters’ Rights Bill which Grainger already exceeds, and legislation which Grainger is proactively engaged on.”

It also adds that Gordon is a member of the government’s New Towns Taskforce, an independent 10-strong panel established last month and chaired by Sir Michael Lyons.

The government says the panel’s job is to recommend the “next generation” of new towns that will each provide at least 10,000 new homes.

These areas should collectively deliver hundreds of thousands of new homes by 2050.

It will submit a key report to housing secretary Angela Rayner next summer to identify where these towns will be based.

Grainger will publish its full-year results on 21 November.