The PRS REIT, the closed-ended real estate investment trust that invests in high-quality, new build, family homes in the private rented sector has today announced the completion of its 5,000th build-to-rent home and provided an update on trading over the third quarter of its financial year ending 30 June 2023.
The Company has reported reaching the milestone of its 5,000th rental home, in just under six years since the PRS REIT was launched. It has helped to take the total number of completed homes in the PRS REIT’s portfolio over January to March 2023 to 5,010. A further 516 homes with an estimated rental value of £5.2m were under way at the end of March. The PRS REIT’s delivery programme is now approximately 89% complete.
The estimated rental value of the 5,010 completed homes in the portfolio is £52.7m per annum, 16% higher than a year ago (31 March 2022: 4,616 homes with an estimated rental value of £45.5m per annum). Once the delivery programme has been completed, the number of homes in the portfolio will increase to approximately 5,600 homes with an estimated rental value of c.£58m per annum.
The 5,000th home is a three-bedroom house located on the Company’s Brookfield Vale site in Blackburn, Lancashire, comprising 154 high-quality two, three and four-bedroom rental homes. The development offers views of the Pennines and is one mile from Blackburn town centre, as well as being close to good schools and public transport links. As with all the Company’s sites, it is managed under the award-winning rental brand, Simple Life, which aims to set a new, higher standard of customer care in the Private Rented Sector.
In order to mark the PRS REIT’s 5,000th home, the Company is supporting Speed of Sight, the Lancashire-based charity established by professional racing driver, Mike Newman, who was born without sight and is the fastest blind man on land and water, to provide driving experiences to blind and disabled people. The Company became involved with Speed of Sight after it was nominated by a resident in the Company’s 2021 12 Days of Christmas campaign.
Steve Smith, Non-executive Chairman of The PRS REIT plc, said:
“The completion of the 5,000th rental home marks a significant milestone for The PRS REIT and demonstrates our success in building the largest portfolio of high-quality, build-to-rent, single-family rental homes in the UK over the last six years. We are in the final phase of the current delivery programme and expect to complete at around 5,600 homes with an estimated rental value of c.£58m per annum once fully let.
“Demand for our homes remains high, as our consistently strong performance measures, including occupancy levels and rent collection, show. This reflects the desirable nature of our houses – built to high-quality specifications and located close to good schools and public transport links – as well as their affordability for families. Average rent is about 25% of a household’s gross income.
“We would like to thank all who have helped us to reach this important landmark of 5,000 completed homes – including investors, housebuilding partners, and Homes England. We are pleased to be meeting an important societal need and playing a part in solving the UK’s urgent requirement for single-family rental homes.”