Empiric Student Property’s comparable rental growth reached 10.5 percent in the first half of fiscal 2024 as demand for student properties exceeded demand.

The company, which owns and operates student accommodation at top British universities, reported revenue growth of 2.7 percent for the six months to June 30. Adjusted profit rose 2.8 percent to £14.5 million.

Comparable rent growth reached 10.5 percent, more than double the 5.2 percent in the first half of 2023.

“The first half of the year was active and we made good progress in all areas, including expanding our portfolio through acquisitions, submitting planning applications and our successful redevelopment program,” said Duncan Garrood, CEO of Empiric.

The company’s growth has been driven by two acquisitions in Bristol and Glasgow, as well as a complete refurbishment of 173 rooms in Southampton, due to open in September.

This increased the value of its portfolio to £1.13 billion, a net increase of 1.3 percent on a like-for-like basis, including the removal of the multi-occupancy tax exemption.

EPRA net asset value per share was 122.8 pence at the end of the reporting period. The company also increased its dividend for the period by 7.7 percent to 1.75 pence per share.

The company’s Net Promoter Score on the Global Student Living Index rose from 32 to 37 over the six months, compared to the PBSA average of 14 and the University Halls average of just six. Empiric’s customer satisfaction score of 87 percent exceeded the average of 79 percent.

Empiric said occupancy for the upcoming academic year currently stands at 92 percent. The company added that it expects the figure to exceed 97 percent as the rebooking rate surpasses last academic year’s 22 percent.

“We continue to see strong demand for our high-quality, well-located accommodation and the booking cycle for the upcoming 2024/25 academic year gives us reason to be confident that we will achieve strong occupancy and rental growth that exceeds inflation,” Garood added.

“Operationally, the company continues to perform very well. Our Net Promoter Score and customer satisfaction rate have improved year-on-year. This is the basis for improved rebooking rates, which are expected to be our best ever.”