Toivo Group Plc estimates its occupancy rate in Q2/2023 to be approximately 98%
Press release, 8 June 2023 at 9:15 a.m.
Toivo Group Plc (“the Company” or “Toivo”) estimates its occupancy rate in the second quarter of this year (Q2/2023) to be a total of about 98%. On 22 May 2023, the company announced it had an occupancy rate surpassing 99 per cent for the first time in its history. Less than 10 of the apartments rented and managed by the company were not leased on the 22 May 2023.
Toivo’s competitive, high-quality apartment product, together with the services of Asuntomestarit, has proved to be a competitive advantage in the challenging market. We see a strong occupancy rate as an indication of the strength of our strategy in the changing housing market.
The occupancy rates of listed housing investment companies reporting occupancy rates have varied between 92 and 97 per cent during the last few years.
“From January to March 2023, the net migration gain in Helsinki, Espoo and Vantaa was already over 4.900 people. This begins to show as a strong demand for rental housing. It seems a strong net migration gain has continued during the April to June period. The amount of new building constructions has decreased significantly since the autumn 2022. We have a very positive attitude towards the rental housing demand and the change in rents during the coming autumn if the population growth in the Helsinki metropolitan area stays equally strong until the end of 2023,” comments Markus Myllymäki, CEO of Toivo.
”I would like to thank the Asuntomestarit ® team for their great work in 2023. I also want to thank hundreds of customers who have chosen Toivo rental housing as their home. It is good to live with Toivo.” adds Iida Koivukoski, team leader for Toivo’s Asuntomestarit.
Toivo Group Plc
Further information
Markus Myllymäki
CEO
Toivo Group Plc
Tel. +358 40 847 6206
markus.myllymaki@toivo.fi
About Toivo
Toivo is a Finnish real estate company that was founded in 2015. Its business consists of project development and long-term ownership of apartments. The Company’s business model is unique as Toivo’s business combines the value chain of real estate business from development and construction to ownership, management and rental of a completed property. Toivo manages the entire life cycle of properties with its own team, from raw land development to tenancy agreement negotiations and property maintenance. This way Toivo is able to generate additional value to its customers, shareholders and stakeholders.
Toivo’s strategy is to develop properties in accordance with the Toivo concept. The properties aim for a strong development margin and a stable and attractive return, and in this way enable long-term ownership and the generation of higher additional value to Toivo’s customers. Toivo has a knowledgeable and experienced team of experts with strong merits in the real estate business. The members of Toivo’s team have been involved in the development and construction of over 17,000 apartments, and they have an average of ten years of experience in the real estate business.
Toivo’s revenue in 2022 was EUR 20.3 million and its operating profit was EUR 15.6 million.