Shares in Unite Group fell on Friday after Britain's largest student accommodation landlord reported bookings for the 2026/27 academic year trailing last year's pace.
Across the Unite Students portfolio, 79% of beds were reserved as of May 15, compared to 80% a year earlier.
This includes 54% under nomination agreements with universities and 25% through direct-let sales, versus 58% and 22% respectively last year.
Unite said sales progress aligns with guidance for occupancy at the lower end of its 93%-96% target range, with rental growth of 2%-3% and like-for-like income growth of 0%-2%.
"We are being proactive in driving income through partnerships and direct-let sales," CEO Joe Lister said.
At the Hello Student portfolio, 47% of rooms were reserved, down from 55% last year.
Unite expects Hello Student to achieve around 85% occupancy for 2026/27, in line with its direct-let sales.
The company reaffirmed full-year adjusted EPS guidance of 41.5p to 43p for FY26.
Goldman Sachs rates Unite a "buy" with a 12-month price target of 560p, implying 16% upside.
