£5.3bn
UK BTR investment, 2025 (Savills)
Market data
UK build to rent market, yields and deals
The investment, yield, pipeline and transaction data we use to structure build to rent finance, drawn from the specialist research houses and attributed throughout.
Written and reviewed by Matt Lenzie Founder & Principal Broker · 25 years arranging development finance · Reviewed June 2026
298,800 homes
Total BTR sector (Savills)
59%
Single-family share (Savills)
97%
Stabilised occupancy (CBRE)
This is the market evidence we use when we structure and place build to rent finance. Investment volumes, prime yields, the development pipeline and recent deals all feed how a lender or a forward funder values a scheme, and how we argue your case. Every figure below carries its source and date. BTR yields are reported by region and city tier rather than town by town, and investment and pipeline figures are point-in-time.
Pipeline
The UK build to rent development funnel
Completed, under construction and in planning, Savills Q4 2025.
| Stage | Homes | Source |
|---|---|---|
| Completed BTR homes | 146,700 homes | Savills, Q4 2025 |
| Under construction | 50,600 homes | Savills, Q4 2025 |
| In planning | 101,500 homes | Savills, Q4 2025 |
| Total sector | 298,800 homes | Savills, Q4 2025 |
Source: Savills UK Build to Rent Market Update, Q4 2025. Knight Frank reports a similar above-300,000 total on a different component basis. Rental growth ran at about 4% in 2025 (Knight Frank), with ONS recording private rents up 3.3% in the year to May 2026.
Investment yields
UK build to rent prime net initial yields
How the market prices stabilised rental assets, from the firm that publishes the prime yield guide.
| Segment | Geography | Structure | Yield | Source |
|---|---|---|---|---|
| Multifamily | Inner London (Zone 1) | Prime, stabilised | 3.90%+ | Knight Frank, Sept 2025 |
| Multifamily | Greater London | Prime, stabilised | 4.25%+ | Knight Frank, Sept 2025 |
| Multifamily | South East | Prime, stabilised | 4.25%+ | Knight Frank, Sept 2025 |
| Multifamily | Tier 1 regional cities | Prime, stabilised | 4.50% | Knight Frank, Sept 2025 |
| Multifamily | Tier 2 regional cities | Prime, stabilised | 4.75%+ | Knight Frank, Sept 2025 |
| Single-family housing | South East | Prime, stabilised | 4.00%+ | Knight Frank, Sept 2025 |
| Single-family housing | Regional | Prime, stabilised | 4.50%+ | Knight Frank, Sept 2025 |
| Co-living | London | Prime, stabilised | 4.25%+ | Knight Frank, Sept 2025 |
Trend. Prime multifamily yields were broadly stable through 2025 (CBRE recorded a one-basis-point move over the half year to September 2025), with single-family housing yields hardening as institutional demand rose. Further compression is expected into 2026 as debt costs ease and single-family housing overtakes apartments on investment (Knight Frank, Savills).
Sources: Knight Frank, UK Living Sectors Prime Yield Guide, September 2025; Knight Frank, UK Multifamily Market Outlook 2026; Savills, UK Build to Rent Market Update, Q4 2025; CBRE, UK Multifamily Index, results to September 2025; JLL, Big Six Residential Report, Summer 2025. Prime net initial yields are for stabilised, institutional-grade, rack-rented assets and are indicative. Yields are not an offer of finance.
Capital markets
Single-family versus multifamily investment
| Measure | 2024 | 2025 |
|---|---|---|
| Total UK BTR investment | ~£5.0bn | £5.3bn (record, Savills) / £4.7bn (Knight Frank) |
| Single-family housing | ~£1.7bn | £3.17bn (about 59% of BTR investment) |
| Multifamily (apartments) | ~£3.0bn | £2.05bn across about 7,500 homes |
2025 was the year single-family housing overtook apartments on annual investment for the first time (Savills 59%, Knight Frank 55%), as institutional capital moved into suburban rental at scale. Multifamily remains the larger operational base, with about 79% of the decade's £40bn of BTR commitment (Knight Frank).
Source: Savills, UK Build to Rent Market Update Q4 2025; Knight Frank, UK Multifamily Market Outlook 2026; CBRE, UK BTR investment 2025.
Operators & investors
Major UK build to rent operators and investors
The platforms and institutions whose covenants and capital shape how lenders read a scheme.
| Platform | Estate | Segment | Source |
|---|---|---|---|
| Greystar | 20,000+ operational and pipeline homes | Multifamily | Greystar / trade press, 2025 |
| Get Living | ~4,000+ homes operational | Multifamily | Get Living, 2025 |
| Legal & General (L&G) | ~10,000 BTR homes funded or operational | Multifamily & SFH | Legal & General, 2025 |
| Grainger | ~11,000+ rental homes | Multifamily | Grainger plc, 2025 |
| Quintain Living (Wembley Park) | ~3,500+ homes | Multifamily | Quintain / Lone Star, 2025 |
| Moda Living | Operational and pipeline across major cities | Multifamily & SFH | Moda Living, 2025 |
| Sigma Capital (Simple Life) | Large single-family rental portfolio | Single-family housing | Sigma Capital / PRS REIT, 2025 |
| Leaf Living | Growing suburban SFH portfolio | Single-family housing | Leaf Living (Blackstone-backed), 2025 |
| Lloyds Living (Citra) | Scaling SFH and multifamily portfolio | Single-family & multifamily | Lloyds Banking Group, 2025 |
| Vistry / Countryside Partnerships | Major SFH and affordable delivery | Single-family & affordable | Vistry Group, 2025 |
| Sage Homes | Large affordable-rental portfolio | Affordable | Sage Homes (Blackstone / Regis), 2025 |
Estate sizes are point-in-time from company sources and trade press; some are estimates where a UK-only figure is not officially published. The strength of an operator or investor covenant materially affects lender appetite and leverage.
Transactions
Notable UK build to rent deals, 2024 to 2026
Recent portfolio and single-asset transactions, a read on appetite and pricing.
| Asset / portfolio | Price | Buyer | Detail | Date |
|---|---|---|---|---|
| PRS Holdco (single-family portfolio) | ~£1.1bn | Northern LGPS & LPPI | single-family rental portfolio, the largest SFH deal of 2025 | 2025 |
| Single-family housing portfolio | ~£225m | Blackstone | suburban single-family rental homes | 2025 |
| Slate Yard, Manchester (multifamily) | ~£100m | KKR | 424 multifamily rental homes | 2025 |
| Single-family portfolio (598 homes) | Undisclosed | Lloyds Living | 598 single-family rental homes | 2025 |
Sources: Savills, Knight Frank, CBRE, JLL and trade press. Several single-asset prices were undisclosed.
Funding a scheme against these numbers?
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