But they also have a registered provider in the UK, or are they only in PRS?

The build-to-rent sector has grown to about 10% to 12% of the UK market since around 2012 or 2013. This is where Greystar comes in. The distinction is that build-to-rent offers serviced apartments with amenities, and they charge about 20% to 25% above the market rate in rent. These amenities can include common rooms, dining rooms, gyms, concierges, etc. So, they can charge between 20% to 25% more.

You mentioned that the L&Q Group is the third or fourth largest, but you were not referring to registered providers in PRS overall, correct?

Yes, that's correct. We had a head start, beginning around 2012, which was the onset of the BTR and PRS boom. We had already started mobilizing while many of the new entrants joined post 2017, 2018. So, many of the BTR providers are new entrants into the UK, and many new organizations are investing in BTR currently. There's a bit of a boom in terms of BTR.

That's interesting. Why do you think that is?

The demand in the UK has been increasing significantly for various reasons. The recent boom is largely due to financial challenges in the market. Historically, interest rates in the UK have been around 1.5% to 1.6% for a long time, but they are now around 5%. This has made affording a home and obtaining a mortgage increasingly difficult, especially for first-time buyers, which has resulted in increased demand.