Unite Group (LSE: UTG) shares fell slightly this morning despite the company reporting continued strong demand for student accommodation and expressing confidence in achieving rental growth of at least 6% for the upcoming academic year.
The FTSE 100 company said that 86% of beds for the 2024-25 academic year had already been sold, down slightly from 90% at the same point last year. CEO Joe Lister highlighted the enduring appeal of the company’s all-inclusive offer and a growing shortage of high-quality student housing as reasons for his optimism about rental income.
Despite this positive outlook, Unite Group shares have dipped 1.2% this morning and are down 9% so far in 2024.
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