Briton’s biggest private residential landlord and now Build-to-Rent provider Grainger PLC says it welcomes longer tenancies.
The company thinks there’s a growing need for longer term tenancies in the UK’s private rented sector and says “We can handle longer tenancies” and they are ready to respond to the challenge.
Grainger claims it already has or is in the process of building 9,000 homes across the major English cities, London, Birmingham and Manchester. Many of these form part of an £850m new investment programme which has seen Grainger moving away from its traditional rent reversion strategy (investing in regulated tenancy properties occupied by sitting tenants).
Grainger’s focus now is Build-to-Rent, schemes where blocks are created for block management where they will be rented by the company and not sold off to individual buyers or landlords.
As well as city centre lets for working and professional people, Grainger sees a big market in letting to families who want the stability of a longer term contract when they have work and children at schools in a particular locality.
It is currently involved with landlord schemes in London and Portsmouth which will cater for family needs cater for renters and particularly families in different ways.
Customer relations director at Grainger, Anish Thobhani, has indicated that offering flexible up-to 5-year tenancies with “no hidden fees and transparent yearly rent reviews,” is what they think people want. He has said:
“Many people see renting as a tenure of last resort and we want to change that by offering certainty, service and quality. As a long-term investor, we can take a long-term view – which is not the same as many amateur buy to let landlords whose situation could change at any time.
“Many people wouldn’t think twice about leasing a car these days because of the excellent service and fully inclusive offers you get. We want to replicate this with home rental.”