Empiric Student Property is eying “compelling opportunities for growth” after posting strong rental growth in the six months ended 30 June 2024.
The listed student developer reported like-for-like rents were up by 10.5% over the period, with revenue inching up by 2.7% to £42.4m.
Empiric’s portfolio valuation increased to £1.1bn, up by 1.3%.
The company said occupancy for 2024/25 academic year stood at 92% but that it expected to exceed 97%.
Chief executive Duncan Garrood said the outlook for the second half of 2024 was positive and that increased market activity and a continuing strength in the underlying fundamentals across the student market were “presenting compelling opportunities for growth”.
“It has been an active first half of the year with good progress made across the board, including the growth of our portfolio through acquisitions, the submission of planning applications and our successful refurbishments programme,” said Garrood.
“We continue to experience strong demand for our high-quality, well-located accommodation, with the booking cycle for the forthcoming 2024/25 academic year providing confidence in the delivery of strong occupancy and rental growth that surpasses inflation.”
He added: “Operationally, the business continues to perform very well with our net promoter score and customer satisfaction rate advancing year-on-year, underpinning improved re-booker rates, which are on track to be our best ever.”
Image from Empiric Student Property
Send feedback to Akanksha Soni
Follow Estates Gazette
