Official Statistics

English Private Landlord Survey 2024: main report

Published 5 December 2024

Applies to England

Introduction

The English Private Landlord Survey (EPLS) is a national survey of landlords and letting agents acting on behalf of landlords who own and/or manage privately rented properties in England, and is uniquely valuable in providing a large scale, representative picture of private landlords. It was commissioned by the Ministry of Housing, Communities and Local Government (MHCLG).

The aim of the EPLS is to inform government understanding of the characteristics and experiences of landlords and how they acquire, let, manage and maintain privately rented accommodation. Surveys of private landlords have been carried out by the department in 2001, 2003, 2006, 2010^{[footnote 1]}, with larger scale surveys in 2018 and 2021.

The private rented sector is characterised by diversity and looks very different now than it did in decades past. The number of households in the sector rose by 52% between 2008-09 and 2023-24, from 3.1 million to 4.7 million households. The private rented sector is now the second largest tenure in England and is home to 19% of all households.

The private rented sector contains a wide range of different sub-markets, serving different types of households across all incomes, including an increasing number of families. In 2023-24, 34% of households in the private rented sector included dependent children (1.6 million households). There are high rates of turnover in the private rented sector, with the number of house moves significantly higher than in the owner occupied and social rented sectors, both within the sector and between it and the other sectors^{[footnote 2]}.

Since 2010, there have also been several policy changes affecting private landlords. These include tax changes for Buy-to-Let landlords ^{[footnote 3]}, changes to the Stamp Duty Land Tax, tightening lending criteria on Buy-to-Let mortgages and the growing role of the Build to Rent sector^{[footnote 4]}. More recently, the government announced plans to reform the private rented sector, including the removal of ‘no fault’ evictions under s. 21 of the Housing Act 1988. Awareness of, and the impact of, these factors is explored in this report (though, as data collection for the survey ended prior to the 2024 General Election, the policies proposed were those of the previous government).  

This report provides an overview of the private landlord population in England in 2024. The first chapter covers the characteristics of landlords, why and how they became a landlord and how they view their current role. Chapter two presents an overview of landlords’ finances including any income received through rent, the market value of landlords’ portfolios and details of any borrowing. Chapter three looks more closely at landlords’ portfolios – including the types of properties and the types of tenants they let to as well as the incidence of damp and mould identified and reported. Chapter four focuses on decisions around the start and end of tenancies including the use of deposits, rent setting practices and the reasons for tenancies ending. Chapter 5 looks at landlords’ attitudes and behaviour including their willingness to let to different types of tenant and compliance with current legal requirements. The final chapter focuses on the future of the private rented sectors including any concerns raised by landlords and how likely they are to either increase or decrease their portfolios. Where possible, comparisons are made with findings from the 2018 and 2021 EPLS.

Full details of the survey sampling, weighting and reporting conventions are in the technical notes at the end of this report  and in the accompanying Technical Report. Briefly, the EPLS is an online survey with a responding sample of over 9,000 landlords, all of whom are registered with one of the three government-backed Tenancy Deposit Protection (TDP) schemes.

The TDP administrative data shows there were just over 4.2 million live deposits registered with a TDP scheme in England. It is not known exactly what proportion of the private rented sector that is covered by the TDP schemes. Based on data from the English Housing Survey (EHS) in 2022-23, between 65% and 73% of households in the private rented sector are covered by a TDP scheme. Detail on these households are provided in the Technical Report.

The EPLS was designed and run as a survey of both landlords and agents. However, issues with the TDP administrative data (used as a sample frame) available for agents, in particular a lack of clarity about the potential relationships between different agent registrants on the frame and the way they responded to the survey (as an individual agent or on behalf of their whole company/a branch of that company), made it very difficult to construct a viable weighting scheme for agents. Ultimately, any attempt to weight the agent respondents would require assumptions that could not be justified. Therefore, all findings reported on relate to direct landlords only, that is landlords who registered a deposit with a TDP themselves. The findings may not fully represent the characteristics and behaviour of all tenancies and landlords, in particular those who used an agent to register their deposits with a TDP.

Main findings

There are approximately 4.2 million live deposits registered with one of the three government-backed Tenancy Deposit Protection (TDP) schemes that operate in England. Around 1.3 million of these deposits (30%) were registered directly by landlords, with approximately 513,000 landlords responsible for them. The remaining deposits were registered by agents acting on behalf of landlords.

These findings relate to direct landlords only, and are not necessarily representative of the whole sector.

Just under half of all landlords owned one rental property, though nearly half of tenancies were owned by landlords with five or more properties.

• 45% of landlords owned one rental property, representing 21% of tenancies.
• A further 38% owned between two and four rental properties, representing 30% of tenancies.
• 17% of landlords owned five or more properties each, representing 49% of tenancies.
• The proportion of female landlords (50%) has increased since 2021 (44%). However, landlords with five or more properties were more likely to be male (63%).

Around three in five landlords had some form of borrowing on at least one of their properties.

• 41% of landlords had no borrowing on any of their properties.
• 30% of landlords had borrowing on only one property and a further 30% had borrowing on more than one property.
• Landlords with borrowing most commonly paid interest at a fixed rate (69%) with 16% paying interest at a flexible rate and 15% a mixture of the two.

Around a quarter of landlords reported they identified damp or mould in at least one of their properties in the last year.

• 26% of landlords said they identified damp or mould in at least one  of their properties in the last year.
• 18% of landlords said that tenants complained about damp or mould in the last year.

 

More than half of landlords requested either a guarantor or rent in advance for their most recent letting.

• 36% of landlords said they asked for rent in advance.
• 14% of landlords said they asked for a guarantor.
• 7% of landlords asked for both rent in advance and a guarantor.

Landlords were more likely to increase the rent on new lettings than when renewing or extending a tenancy.

• 58% of landlords increased the rent the last time they let to new tenants with a median increase of 11%. Around a third of these landlords (35%) increased rents for new tenants by 15% or more.
• 52% of landlords increased rent the last time they renewed or extended a tenancy, with a median increase of 8%. One in five of these landlords (20%) increased rents by 15% or more.

 

Tenants were more likely to initiate ending a tenancy than landlords.

When asked about their most recent tenancy to end, among landlords who had a tenancy end in the last two years:

• 44% of landlords reported their last tenancy ended because the tenant gave notice at the end of their periodic tenancy. Around a quarter (26%) said the tenant came to the end of their tenancy period and decided not to renew and 13% reported having a tenant leave before the end of their tenancy.
• 8% of landlords said they asked the tenant to leave, 6% evicted the tenant and 4% chose not to renew the tenancy.

Landlords generally reported complying with required legal and health and safety actions for their most recent tenancy.

• 91% provided prospective tenants with a copy of the Energy Performance Certificate (EPC).
• 86% inspected the property to ensure it was fit for human habitation.
• 79% carried out ‘Right to Rent’ checks and 68% provided ‘How to Rent’ guidance.
• 47% of landlords had at least one property with an EPC rating of D or below. Of these landlords, 35% said they were planning to improve the energy efficiency of some or all of their properties.

More landlords in 2024 reported planning to decrease the size of their portfolio than in 2018 and 2021.

• Landlords with larger portfolios were less likely to report planning to keep their portfolio size the same compared to smaller landlords, more often reporting a planned increase or decrease.
• In 2024, 31% of landlords reported planning to decrease the size of their portfolio in the next two years, including 16% who were planning to sell all their properties.
• In 2021 and 2018, the proportion of landlords who reported planning to decrease the size of their portfolio was 22% and 16% respectively.
• 7% of landlords in 2024 reported planning to increase their portfolio in the next two years, compared with 11% in 2021 and 12% in 2018.

Acknowledgements and further queries

The authors would like to thank the landlords and agents who gave up their time to complete the survey. We are indebted to colleagues from the three government-backed TDP schemes, without whom the survey would not have been possible. We are grateful to our colleagues at The Building Research Establishment (BRE) who provided valuable advice and insight at both the questionnaire development and reporting stages of the project.

The research was conducted by the National Centre for Social Research in partnership with The Building Research Establishment (BRE) in close collaboration with MHCLG. Key members of the NatCen team include Sarah Butt, Charlie Ridley-Johnson, Olivia Cottis Black, Sinead Palmer, David Hussey and Fritz Anker.

The EPLS has the status of ‘Official Statistics’. This designation means that the statistics were produced in accordance with the governance and operational arrangements set out in statistical legislation, and in compliance with the standards of best practice set out in the Code of Practice for Statistics. The methodology used to produce the statistics has not changed substantially from the 2018 and 2021 EPLS.

If you have any queries about this report or would like any further information, please contact EPLS@communities.gov.uk.

The responsible analyst for this report is: Alistair Rice, Housing and Planning Analysis Division, MHCLG.

1. Profile of private landlords

This chapter presents findings on the characteristics of landlords, their motivations for becoming a landlord and their perceived role as a landlord. Findings relate only to direct landlords, that is landlords who registered a deposit with a Tenancy Deposit Protection (TDP) scheme themselves, and not landlords who registered through an agent. The findings may, therefore, not be representative of the characteristics of all landlords.

Landlord types

The majority of landlords (93%) let property as an individual or a group of individuals. In comparison, 6% operated as part of a company, a higher proportion than in 2018 (4%). The remaining 1% let property both as an individual/group of individuals and as part of a company, Annex Table 1.1, Figure 1.1.

Figure 1.1: Landlord population by landlord type

Base: all landlords; weight: landlord weight

Note: underlying data are presented in Annex Table 1.1

Source: English Private Landlord Survey 2024

Most tenancies (81%) were represented by individual landlords, with companies representing 15% of tenancies and those who let as both representing 3%. The split between individual landlords and companies was similar in 2018 and 2021. In 2018, 94% of landlords - representing 83% of tenancies – were individual landlords, Annex Table 1.2.

Almost half (45%) of landlords owned one rental property, representing 21% of tenancies. A further 38% owned between two and four rental properties, representing 30% of tenancies. The remaining 17% of landlords owned five or more properties, representing almost half (49%) of tenancies. The proportion of single landlords (and tenancies represented by single landlords) was similar in 2018 (45% of landlords) and 2021 (43%), Annex Table 1.3 and 1.4, Figure 1.2.

Figure 1.2 Landlords by portfolio size

Base: all landlords; weight: landlord weight and tenancy weight

Note: underlying data are presented in Annex Table 1.3 and 1.4

Source: English Private Landlord Survey 2024

The portfolios of individual landlords were considerably smaller than those of companies and organisations. Most individual landlords (86%) owned between one and four properties, with just under half (48%) owning only one rental property. By comparison, 45% of landlords operating as companies owned between one and four properties, with only 14% owning one rental property. Just over half (56%) owned five or more rental properties, including 13% who owned 25 or more, Annex Table 1.3.

As in previous years, landlords with at least one Buy-to-Let mortgage were more likely to have multiple properties than those with other types of loans, or those who did not have loans. Nearly two-thirds of landlords with a Buy-to-Let mortgage (63%) owned more than one property compared with 40% of landlords with other types of borrowing and 46% of landlords with no borrowing, Annex Table 1.5.

Individual landlords who had been letting for longer tended to have larger portfolios. Of landlords with eleven or more years’ experience, 66% had two or more properties, compared with 39% of those who had been letting for four to 10 years and 15% of those who had been a landlord for three years or less, Annex Table 1.6.

Age, ethnicity and gender of landlords

The median age of individual landlords was 59 years old. Almost two thirds (64%) of landlords were aged 55 or older, a similar proportion to the 2021 survey (63%). Landlords with larger portfolios tended to be older. Over three-quarters (77%) of landlords with five or more properties were aged 55 or older, compared with 57% of single-property landlords, Annex Table 1.7.

In terms of ethnicity, 87% of individual landlords identified as white, 8% Asian, 2% mixed, 2% black  and the remaining 1% as other. Annex Table 1.8. This is similar to landlords in 2021. In the 2021 Census statistics for England, a smaller proportion of the population identified as white (81%). The remaining population identified as Asian or Asian British (10%), 4% as black, black British, black Welsh, Caribbean or African, 3% mixed or multiple ethnic groups, and 2% other.

Half (50%) of individual landlords were female, 49% were male and 1% identified as ‘other’. The proportion of female landlords has increased since 2021 when 44% said they were female. Male landlords were more likely to have larger portfolios, with 63% of landlords with five or more properties being male, Annex Table 1.9, Figure 1.3.

Figure 1.3: Landlords by gender

Base: all individual landlords; weight: landlord weight

Note: underlying data are presented in Annex Table 1.9 (2024) and Annex Table 1.13 (2021)

Source: English Private Landlord Survey 2021/2024

Around two in five (42%) landlords had been landlords for 10 years or less. This proportion has decreased gradually since 2018 (56%). There was a positive relationship between portfolio size and number of years as a landlord. The majority (89%) of those with five or more properties had been a landlord for 11 or more years. Landlords with only one property were more likely to have been in the role for three years or less (15%) than those with two to four properties (3%) or five or more properties (1%), Annex Table 1.10.

Becoming a landlord and perceptions of the role

The two most prevalent reasons given for why respondents originally became a landlord were as a pension contribution (42%) and a preference for investing in property rather than other investments (42%). This is similar to 2021. Around a third (35%) said they wanted to supplement earnings or income while 13% wanted to build equity for their children. About 4% originally became a landlord to let property as a full-time business, Annex Table 1.11, Figure 1.4.

Figure 1.4: Reasons for originally becoming a landlord

Base: all individual landlords; weight: landlord weight

Notes:

 1) underlying data are presented in Annex Table 1.11

 2) multi-code question. Responses add up to more than 100%

Source: English Private Landlord Survey 2024

Just over half (52%) of landlords said they bought their first property with the intention of renting it out, while over a third (37%) bought it to live in themselves. Few landlords acquired their first rental through inheritance (6%) or other means. Again, this is similar to 2021, Annex Table 1.12, Figure 1.5.

Figure 1.5: Acquisition of first rental property

Base: all individual landlords; weight: landlord weight

Note: underlying data are presented in Annex Table 1.12

Source: English Private Landlord Survey 2024

Landlords who funded the acquisition of their first property themselves were most likely to have done so using a Buy-to-Let mortgage (43%), followed by another type of loan (35%). Fewer than a quarter (23%) did not use any kind of loan or borrowing. Landlords who currently have larger portfolios were more likely to have used a Buy-to-Let mortgage to fund their first property while single property landlords were more likely to have used another kind of loan, Annex Table 1.13, Figure 1.6.

Figure 1.6: Funding of first rental property

Base: all individual landlords who purchased or built their first rental property; weight: landlord weight

Notes:

1) underlying data are presented in Annex Table 1.13

2) multi-code question. Responses add up to more than 100%

Source: English Private Landlord Survey 2024

The survey asked landlords with more than one rental property how they funded their most recent rental. Over half (56%) used a Buy-to-Let mortgage, around a third (32%) used no loan or borrowing and 12% used a different type of loan. Landlords with five or more properties were more likely to use a Buy-to-Let mortgage than those with between two and four properties, Annex Table 1.14.

More than half of landlords said they viewed their role as a landlord as ‘a long-term investment to contribute to their pension’ (56%), a higher proportion than ‘pension contribution’ as their initial reason for becoming a landlord (42%). More landlords viewed their role ‘as an investment for rental income’ (48%) than for capital growth (27%) or as a temporary investment (5%). The proportion of landlords who viewed themselves as a residential landlord (21%) was higher than those who viewed their roles as a part-time business (13%) or as a full-time business (4%), Annex Table 1.15, Figure 1.7.

Figure 1.7: How landlords view their role

Base: all individual landlords; weight: landlord weight

Notes:

1) underlying data are presented in Annex Table 1.15

2) multi-code question. Responses add up to more than 100%

Source: English Private Landlord Survey 2024

The most common response for all landlords, regardless of portfolio size or borrowing type, was that they saw their role as a long term investment contributing to their pension. Landlords with larger portfolios were more likely to also consider themselves a business. Among landlords with five or more properties, 19% considered themselves as a full-time business and 28% as a part-time business.

Use of agents

Over half (52%) of landlords who had registered a deposit with a TDP directly said they did not use an agent to let or manage their properties, a similar proportion to 2021 (49%) and 2018 (52%). Just over two in five (43%) landlords in 2024 said they used agent letting services while just under one in five (18%) said they used agent management services. These figures relate only to landlords who registered a deposit directly with the TDP and as such may underrepresent the use of agents. Landlords who used an agent to register their deposit (and who are not included in these figures) may also use agents to let or manage their properties.

Landlords’ use of agents increased with portfolio size. A majority (63%) of landlords with five or more properties used an agent for letting services compared with half (50%) of landlords with two to four properties and only 30% of landlords with one property. Landlords who had been letting for longer were also more likely to be using an agent, Annex Table 1.16. 

Membership of professional organisations

The survey asked if landlords currently or previously had belonged to one or more of the main rental property-related professional organisations. As in 2021, the majority of landlords (71%) reported no current or previous membership of any organisation. Around one in five (22%) reported current or previous membership of the National Residential Landlords Association (NRLA). Far fewer reported current or previous membership of a landlord accreditation scheme (6%) or some other professional rental or property organisation (3%), Annex Table 1.17.

2. Landlord finances

This chapter presents findings on the finances of landlords, including their employment status, income, loans and properties.

Employment status of landlords

In 2024, over a third of individual landlords said they were retired (36%). Three in ten (29%) were full-time employees while one in ten (11%) were part-time employees. Being self-employed as a landlord accounted for 14% of individual landlords. The employment profile of landlords in 2024 was similar to 2021 and 2018, Annex Table 2.1, Figure 2.1.

Figure 2.1: Employment status of landlords

Base: all individual landlords, weight: landlord weight

Notes:

1) underlying data are presented in Annex Table 2.1

2) multi-code question. Responses add up to more than 100%

Source: English Private Landlord Survey 2024

Landlords with larger portfolios were more likely to report they were self-employed as a landlord. This was the case for 40% of landlords with five or more properties compared with 14% of landlords with two to four properties and just 6% of landlords with a single property. Conversely, landlords with larger portfolios were less likely to report that they were in full-time employment. Landlords with two to four properties were the most likely to be retired (40%).

Landlord income

The median gross income for landlords excluding rent over the last 12 months was £25,000. This is an increase from 2018 (£20,000) and similar to 2021 (£24,000). Just over two in five (41%) landlords had income of less than £20,000 from sources other than rent, while just over one in four (26%) had income of £50,000 or more, Annex Table 2.2.

The median gross rental income landlords received in the last 12 months was £19,200. This compares with £15,000 in 2018 and £17,520 in 2021. Around half of landlords (51%) had rental income less than £20,000 while 17% had rental income of £50,000 or more. Unsurprisingly, landlords with larger portfolios or operating as part of a company received more in rental income than those with smaller portfolios or operating as an individual. The amount of rental income also varied regionally. It was highest for landlords located in London (median £24,500) and lowest for landlords located in the North East (median £12,000), Annex Table 2.3.

Combining income reported from rent and other sources, landlords’ median total gross annual income in 2024 was £52,000. Around one in five landlords (21%) had a total gross income of £100,000 or more. Half of landlords’ total income came from rent, the median proportion being 50%. This proportion has not changed significantly since 2018. On average, younger landlords received a lower proportion of their total income from rent. The median proportion of income from rent among 25 to 34 year old landlords was 25%, Annex Table 2.4, 2.6 and 2.7.

Market value of rental properties

The median total market value of landlords’ portfolios was £450,000. Around one in five landlords (22%) had a rental portfolio worth £1 million or more, Annex Table 2.8.

The total market value of landlords’ portfolios was, unsurprisingly, dependent on the size of their portfolio. An average market value per property was calculated by dividing the figure given for total market value by the number of properties owned. In 2024, the mean market value per property was £311,275 (median=£250,000). Average market value was lower for landlords with larger portfolios, with the mean market value £249,242 for landlords with five or more properties and £338,277 for single property landlords. By way of comparison, the mean property price in England in April 2024 was £298,308, Annex Table 2.9. 

Loans and borrowing

Overall, 41% of landlords had no borrowing of any kind on any of their properties. Fewer than one in three landlords overall (30%) had borrowing on a single property while a similar proportion (30%) had borrowing on more than one property, Annex Table 2.10. 

The most common types of borrowing were Buy-to-Let (interest only) and Buy-to-Let (repayment) mortgages (held by 42% and 14% of all landlords respectively). Landlords with larger portfolios and landlords operating as part of a company were more likely to have borrowing on at least one of their properties. Only a quarter (25%) of landlords with five or more properties said they had no loans or borrowing on any properties, Annex Table 2.11, Figure 2.2.

Figure 2.2: Type of borrowing for funding of rental properties

Base: all landlords, weight: landlord weight

Notes:

1) underlying data are presented in Annex Table 2.11

2) multi-code question. Responses add up to more than 100%

Source: English Private Landlord Survey 2024

The survey asked landlords with borrowing the total value of any loans they had. Due to a data collection error this question was not asked of single property landlords. Data for single property landlords, included in the total loan value calculations, has been imputed through statistical modelling of the 2018, 2021 and available 2024 data (see Technical Report for details). The accuracy of the imputation was evaluated and judged to be robust.  However, the results around loan value and loan to value ratio should be interpreted with caution with particular care taken when comparing results over time. 

The median value of landlords’ loans and borrowing was £224,000. The majority of landlords had borrowing under £500,000 (78%). Around one in five single property landlords (19%) had borrowing estimated under £100,000 compared with 7% of landlords with five or more properties. Overall, 9% of landlords had borrowing of £1,000,000 or more, including 37% of landlords with five or more properties, Annex Table 2.12.

The median equity or net value of all landlords’ rental portfolios, calculated from the median value of landlord rental portfolios minus median value of loans or borrowing, was £226,000.

Landlords’ median loan to value ratio was 52%. That is, landlords with borrowing had, on average, paid for just under half of their portfolio, and were in debt for the rest of the value. Single property landlords had a higher median loan to value ratio (58%) compared with landlords with more than one property. The median loan to value ratios for landlords with two to four properties and five or more properties were 46% and 45% respectively, Annex Table 2.13.

In terms of type of interest paid on any borrowing, landlords most commonly paid interest at a fixed rate (69%) with 16% paying interest at a flexible rate and 15% a mixture of the two. Nearly all landlords with borrowing paid at least some interest, even those who had borrowed from family and friends.

Paying interest at a fixed rate was relatively more common among landlords with a Buy-to-Let mortgage as opposed to landlords with a conventional mortgage. Landlords were more likely to be paying interest at a fixed rate rather than a flexible rate regardless of portfolio size. Around a third (34%) of landlords with five or more properties had a mix of borrowing, some with fixed and some with flexible interest rates, Annex Table 2.14.

3. Profile of households and rental practices

This chapter presents findings on the types of dwellings that private landlords let and the households that live in them. It also provides findings on rent arrears and legal disputes with tenants, as well as responses to damp and mould in rental properties.

Deposits

Just over 4.2 million live deposits were registered with a Tenancy Deposit Protection scheme (TDP) in 2024. Of these, just under 1.3 million (30%) were registered directly by landlords in 2024 and the remaining 2.9 million (70%) registered by agents on behalf of landlords. The number of deposits registered doesn’t necessary correlate directly with the number of properties that landlords own, as some properties will have more than one deposit registered (in the case of HMOs, for example) and some properties may not have a deposit registered at all, Annex Table 3.1.

Profile of dwellings

The survey asked landlords the types of rental property they currently let or managed across their whole portfolio. Landlords were most likely to report letting terraced properties (44% of landlords), followed by purpose-built flats (39%), semi-detached houses (31%), converted flats (21%), detached houses (12%) and bedsits, rooms or flatlets (5%), Annex Table 3.2, Figure 3.1. 

These figures represent the proportion of landlords with at least one of each type of property, not the proportion of properties or tenancies in the Private Rented Sector (PRS) of each dwelling type. Figures from the 2023-24 English Housing Survey indicate that 34% of dwellings in the private rented sector were terraced properties, 16% semi-detached houses, 5% detached houses, 29% purpose-built flats, 3% bungalows, and 12% converted flats ^{[footnote 5]}.

Figure 3.1: Type of rental properties currently let or managed by landlords

Base: all landlords; weight: landlord weight

Notes:

1) underlying data are presented in Annex Table 3.2

2) multi-code question. Responses add up to more than 100%

Source: English Private Landlord Survey 2024

Most landlords were based in London (27%), followed by the South East (17%), South West (11%) and the East of England (11%). The North East had the smallest proportion of landlords (4%). Looking at the location of landlords’ most recent let against the landlords’ own location, the majority of lettings corresponded to the region in which the landlord was based. However, this is not necessarily always the case. In addition to primarily letting properties within the region they lived, one in ten (10%) landlords living in the South East had most recently let properties in London and a number of London landlords had most recently let properties in other regions including the South East (12%) and the East of England (9%), Annex Table 3.3.

Profile of households

The most common types of household landlords let to were couples without dependent children (46%), single occupants (46%) and couples with dependent children (42%). Fewer landlords and agents reported letting to lone parents (24%), house sharers (16%) or extended families (4%). These proportions are similar to 2021 and 2018.

Figure 3.2: Types of tenants landlords currently let to

Base: all landlords; weight: landlord weight

Notes:

1) underlying data are presented in Annex Table 3.4

2) multi-code question. Responses add up to more than 100%

Source: English Private Landlord Survey 2024

With respect to employment and economic circumstances, similar to 2021, the most common employment for tenants who landlords currently let to is white collar, clerical or professional (59%), followed by blue collar or manual workers (36%). Landlords less commonly let to people in receipt of Housing Benefit or Local Housing Allowance (18%), people in receipt of Universal Credit (16%) and retired people (16%). Around one in 10 let to students (10%) and non-UK workers (10%). Sixteen percent of landlords say they do not let to any of these types of tenants, Annex Table 3.4.

Landlords were asked whether any of their current tenants received Housing Benefit or Local Housing Allowance . Eighteen percent of landlords stated they did, similar to 2021 (17%), Annex Table 3.5, Figure 3.3.

Figure 3.3: Whether any tenants in current letting(s) receive Housing Benefit or Local Housing Allowance

Base: all landlords; weight: landlord weight

Notes:

1) for landlords current letting(s)

2) underlying data are presented in Annex Table 3.5

3) benefits include Housing Benefit or the Local Housing Allowance

Source: English Private Landlord Survey 2024

Among landlords who had a tenant in receipt of housing support, landlords with more properties generally had a smaller proportion of their portfolio receiving these benefits. Around one in five (21%) of landlords with five of more properties reported that over half their portfolio received housing support, whereas nearly two-thirds (63%) of landlords with two to four properties reported the same proportion, Annex Table 3.6.

Incidence and extent of rent arrears

Four in five landlords (80%) reported having had no tenants in arrears in the past two years. Landlords with five or more properties reported that just over half (51%) of their tenants had no arrears, rising to 81% for landlords with two to four properties, and 91% with one property only, Annex Table 3.7, Figure 3.4.

Figure 3.4: Proportion of tenants in arrears in the last two years, by landlord portfolio size

Base: all landlords; weight: landlord weight

Notes:

1) underlying data are presented in Annex Table 3.7

2) figure excludes category with sample sizes too small for reliable estimate

Source: English Private Landlord Survey 2024

Landlords who let to tenants on housing benefits were more likely to report having two or more tenants in arrears (48%) than those who did not (22%), Annex Table 3.8, Figure 3.5.

Figure 3.5: Proportion of tenants in arrears in the last two years, by landlords who let to tenants on housing benefit

Base: all landlords who had at least 1 tenant in arrears; weight: landlord weight.

Notes:

1) underlying data are presented in Annex Table 3.8

2) figure excludes category with sample sizes too small for reliable estimate

Source: English Private Landlord Survey 2024

Approximately 3% of landlords said they had pursued guarantors for unpaid rent in the last two years, Annex Table 3.9.

Use of Courts and Tribunals Service

Fewer than one in 10 landlords (8%) said they used the government’s Courts and Tribunals Service (HMCTS) to take action or redress against a tenant in the last two years. Of these, the majority (57%) reported they were ‘fairly dissatisfied’ or ‘very dissatisfied’ with the experience of using this service, Annex Table 3.10, Annex Table 3.11, Figure 3.6.

Figure 3.6: Satisfaction with experience of using the Courts and Tribunals Service

Base: all landlords who have used HMCTS in past two years; weight: landlord weight.

Note: underlying data are presented in Annex Table 3.11

Source: English Private Landlord Survey 2024

Response to damp and mould

Just over a quarter (26%) of landlords reported they identified damp or mould in any of their properties in the last year. Around one in five (18%) landlords reported any of their tenants complained about damp or mould. Nearly half (46%) of landlords with five or more properties reported identifying damp or mould. Only a third (34%) of landlords with five or more properties reported tenants complained about damp or mould, Annex Table 3.12, Annex Table 3.13, Figure 3.7.

Figure 3.7: Whether damp or mould have been identified or complained about by tenants in properties in the last year

Base: all landlords; weight: landlord weight

Notes:

1) underlying data are presented in Annex Table 3.12 and 3.13

2) figure excludes category with sample sizes too small for reliable estimate

Source: English Private Landlord Survey 2024

Government guidance requires landlords to respond promptly to reports of damp and mould, both to remove any mould and tackle the source of the issue. The majority of landlords who either identified damp or mould themselves, or received a complaint from a tenant, reported fixing the issue (62%), including 5% who said they both fixed the issue and advised the tenant how to prevent the issue occurring. A third (33%) had just advised the tenant how to prevent the issue occurring. Landlords with smaller portfolios were more likely to report fixing the issue, Annex Table 3.14.

4. Starting and ending tenancies

This chapter looks at the decisions landlords take when it comes to starting and ending a tenancy including the use of deposits or guarantors, rent-setting practices and reasons for ending a tenancy.

Finding tenants

Half (50%) of landlords said they used a letting agent to find tenants for their most recent letting. The next most common route to finding tenants, through letting websites such as Gumtree or OpenRent, was mentioned by 28% of landlords. Around 15% of landlords mentioned using ‘word of mouth’ to find new tenants, Annex Table 4.1, Figure 4.1.

Figure 4.1: How landlords find new tenants

Base: all landlords; weight: landlord weight

Notes:

1) underlying data are presented in Annex Table 4.1

2) multi-code question. Responses don’t add up to 100%

Source: English Private Landlord Survey 2024

Use of deposits and deposit replacement schemes

As in 2021, most landlords said the deposit for their most recent letting was between 2-4 weeks’ rent (42%) or 4-5 weeks’ rent (45%). Only 3% of landlords reported taking no deposit in their last letting, and 2% reported that a deposit replacement product was used Annex Table 4.2, Figure 4.2.

Figure 4.2: Amount of deposit collected from tenants for most recent letting

Base: all landlords; weight: landlord weight

Notes:

1) For most recent letting

2) underlying data are presented in Annex Table 4.2

Source: English Private Landlord Survey 2024

Just over two in five (43%) landlords said they had asked for rent in advance in addition to a deposit, including 6% who asked for rent in advance plus a guarantor. A further 14% said they had asked for a guarantor but not rent in advance. Nearly two in five landlords (39%) said they had asked for neither rent in advance nor a guarantor, Annex Table 4.3. 

Deposit replacement schemes offer tenants and landlords an alternative to a traditional cash deposit. Under a deposit replacement scheme, the tenant pays a small non-refundable upfront fee or monthly payment rather than a larger refundable deposit, to a third party company. They will then guarantee a sum equivalent to several weeks’ rent to the landlord. At the end of a tenancy, the tenant is then liable to pay for damages up to the value guaranteed by the deposit alternative company. If offering a deposit replacement scheme, landlords must also offer tenants the choice of a cash deposit as an alternative.

A minority of landlords (15%) said they currently had at least one tenancy using a deposit replacement scheme (2% said their last tenancy used one). When asked if they would consider using a deposit replacement scheme, fewer than half (43%) said they would. That included 26% of landlords who said they would offer a deposit replacement scheme but that their preference remained a traditional cash deposit.

More than a quarter of landlords (28%) were unsure whether they would offer a deposit replacement scheme while 29% said they would not offer one. Overall, those landlords who said they would consider a deposit replacement scheme were responsible for 40% of tenancies, Annex Table 4.2, 4.4, 4.5 and 4.6, Figure 4.3.

Figure 4.3: Whether landlord would consider a deposit replacement product

Base: all landlords; weight: landlord weight

Note: underlying data are presented in Annex Table 4.5

Source: English Private Landlord Survey 2024

The proportion of landlords saying they would be willing to consider a deposit replacement scheme did not vary much by portfolio size. However, landlords with larger portfolios were more likely to say they wouldn’t consider one (34% of landlords with five or more properties) whereas landlords with smaller portfolios were more likely to say they were unsure (31% of single deposit landlords).

Setting rents

More than half of landlords (58%) said they increased the rent in their most recent new tenancy, a quarter (25%) kept the rent the same and 3% decreased the rent. The proportion of landlords increasing the rent was higher than in 2018 (42%) or 2021 (45%), Annex Table 4.7, Figure 4.4.

Figure 4.4: Setting rents for new tenants in most recent letting

Base: all landlords; weight: landlord weight

Notes:

1) for landlords most recent letting to a new tenant

2) underlying data are presented in Annex Table 4.7

Source: English Private Landlord Survey 2024

Around half of landlords (52%) said they increased the rent the last time they renewed or extended a tenancy with 39% saying they kept the rent the same and 1% saying they decreased the rent. The proportion of landlords who said they increased the rent when renewing a tenancy was twice as high in 2024 as it was in 2021 (26%) or 2018 (22%), Annex Table 4.8, Figure 4.5.

Figure 4.5: Setting rents for existing tenants in most recent renewal or extension

Base: all landlords; weight: landlord weight

Notes:

1) for landlords most recent tenancy renewal or extension

2) underlying data are presented in Annex Table 4.8

Source: English Private Landlord Survey 2024

Landlords with larger portfolios were more likely to say they increased the rent. Three-quarters (75%) of landlords with five or more properties said they increased the rent the last time they let to new tenants and 63% said they increased the rent the last time they renewed or extended a tenancy.

Among landlords who increased the rent for new tenants, the median rent increase was 11%. This means that a property previously let out at £1,000 per month would have been let out at £1,110 per month to the next tenant. Around a third of these landlords (35%) increased rents by 15% or more, Annex Table 4.9.

The scale of rent increases was lower when it came to renewed or extended tenancies. The median rent increase in this situation was 8%, with 20% of these landlords increasing rents by 15% or more, Annex Table 4.10.

Although landlords with larger portfolios were more likely to increase rents, among landlords who increased rents, the scale of the increase did not vary significantly with portfolio size.

The most common rationale for rent levels given by landlords who increased the rent for their most recent new letting - or kept it the same - was they set rent in line with the market rate in their area (79% and 59% respectively). Just under a third (32%) of landlords who reduced the rent gave this reason. The most common reason given by landlords who reduced the rent was to avoid a lengthy void period (39%). Other common reasons given by landlords who increased the rent were their agent had advised them (40%) or mortgage costs or lender requirements (29%). Annex Table 4.11, Figure 4.6.

Figure 4.6 Factors influencing rent setting for landlords who increased rent

Base: all landlords who increased rent for most recent new let; weight: landlord weight

Notes:

1) underlying data are presented in Annex Table 4.11

2) multi-code question. Responses don’t add up to 100%

Source: English Private Landlord Survey 2024

In both 2021 and 2024, the overall pattern of reasons landlords gave for setting rent were similar. However, it was more common for landlords who increased rents to mention mortgage costs as a reason in 2024 (29% compared with 11% in 2021), likely due to a rise in interest rates since 2021. Additionally, compared to 2021, a higher proportion of landlords who increased rents mentioned recent tax changes (from 13% to 18%), to recover costs from renovation or redecoration (from 18% to 23%) and to recover costs from licensing (from 5% to 7%).

It was less common for landlords who had decreased rents to mention this being in line with market prices in 2024 (32% compared with 47% in 2021). In both 2021 and 2024 a little over a third of all landlords setting rent for new tenants said their agent had advised them (34% in 2021 and 36% in 2024).

Ending tenancies

The most common reason landlords gave for ending their last tenancy was the ‘tenant gave notice at the end of their periodic tenancy’ (44%). Around a quarter of landlords (26%) said the tenant decided not to renew, while 13% reported having a tenant leave before the end of their tenancy, Annex Table 4.12, Figure 4.7.

Figure 4.7: Reasons tenancies ended

Base: all landlords who had a tenancy end in the last two years; weight: landlord weight

Notes:                 

1) For the last tenancy that ended in the past two years

2) underlying data are presented in Annex Table 4.12                         

3) multi-code question. Responses don’t add up to 100%

Source: English Private Landlord Survey 2024

It was less common for the landlord to say they had initiated a tenancy ending. Fewer than one in 10 landlords said they asked the tenant to leave (8%), had evicted the tenant (6%) or had decided not to renew at the end of a tenancy (4%). While still small, the proportion of landlords saying they evicted a tenant was higher in 2024 than in 2021 (6% compared with 3%), likely due to limitations on evictions during 2021 due to the COVID-19 pandemic. Similarly, the proportion of landlords who said they had asked a tenant to leave was higher in 2024 compared to 2021 (8% compared with 6%).

The reasons landlords gave for their last tenancy ending were similar regardless of landlords’ portfolio size or whether they operated as an individual or as part of a company. However, while still a small proportion, it was more common for landlords with larger portfolios to say that they evicted their tenant the last time a tenancy ended. One in ten (10%) landlords with five or more properties said that their most recent tenancy which ended was an eviction, compared with one in twenty (5%) single property landlords.

A Section 21 notice can be used by landlords to evict tenants, with at least 2 months’ notice, either after a fixed term tenancy ends or during a tenancy with no fixed end date. A Section 8 notice can be used when tenants have broken the terms of the tenancy, with a notice period between two weeks and two months, depending on the terms broken. Further details can be found here.

The most common way a landlord evicted a tenant was via a Section 21 notice (70%) while 26% said they issued a Section 8 notice and 24% said they asked the tenants to leave informally. This was similar to 2021, Annex Table 4.13.

Among landlords who initiated the end of their last tenancy, the most common reasons given for doing so were that the property was not cared for (43%) or the tenant was in arrears (42%). Around one in four said they had ended their last tenancy because the tenants engaged in anti-social behaviour (27%) or because they wanted to sell the property (26%). Around one in 10 landlords (9%) said they ended their last tenancy because they wanted to let the property at a higher rate, an increase since 2021 when this reason was given by 2% of landlords, Annex Table 4.14, Figure 4.8.

Figure 4.8: Reasons landlord ended tenancy

Base: all landlords who ended a tenancy in the last two years; weight: landlord weight

Notes:

1) For the last tenancy that ended in the past two years

2) underlying data are presented in Annex Table 4.14

3) multi-code question. Responses don’t add up to 100%

Landlords with larger portfolios were more likely to say they had ended their last tenancy because the tenant was in arrears, because the property was not cared for or because the tenants engaged in anti-social behaviour (these reasons were given by 53%, 47% and 34% of landlords with five or more properties). However, landlords with larger portfolios were less likely to say they had ended their last tenancy to sell the property (18% of landlords with five or more properties compared with 29% with two to four properties and 31% of landlords with one property).

Most landlords said they returned the deposit in full (59%) or in part (22%) when their last tenancy ended. Around one in seven landlords (15%) said they had not returned any of the deposit, including 11% who said that costs incurred exceeded the deposit. The remaining landlords had not used a traditional deposit (5%). This was similar to 2018 and 2021, Annex Table 4.15, Figure 4.9.

Figure 4.9: Whether the deposit was returned for most recently ended tenancy

Base: all landlords; weight: landlord weight

Notes:

1) For the last tenancy that ended in the past two years

2) underlying data are presented in Annex Table 4.15

Source: English Private Landlord Survey 2024

Landlords who had not returned the full deposit were asked the reasons for this. The most common reasons given were damage to the property or contents (63%) or to clean the property for the next tenant (59%). Just under a third of landlords said they retained (some of) the deposit as a result of unpaid rent (31%). Annex Table 4.16, Figure 4.10.

Figure 4.10: Reasons for not returning deposit for most recently ended tenancy

Base: all landlords, who had a tenancy end in the last two years; weight: landlord weight

Notes:

1) For the last tenancy that ended in the past two years

2) underlying data are presented in Annex Table 4.16

3) multi-code question. Responses add up to more than 100%

Source: English Private Landlord Survey 2024

5. Landlords’ attitudes and awareness

This chapter presents findings on landlord willingness or unwillingness to let to a range of different types of tenants. It also explores landlord awareness and compliance with legal requirements and best practice concerning the letting, management, and maintenance of their properties. The findings relate to direct landlords only and may not reflect the behaviour of all private landlords.

Willingness to let

The survey asked landlords to choose from a list of tenant characteristics that they would be unwilling to let to. Almost all respondents (95%) reported being unwilling to let to at least one type of tenant listed. Tenants who landlords were unwilling to let to included those with a history of rent arrears (90% unwilling) and those in receipt of housing support including Universal Credit (UC) (38% unwilling). Many landlords also reported being unwilling to let to people with county court judgements (CCJs) against them (78%), and just under half were unwilling to rent to students (45%) and to people who would require adaptations to the property (47%). A smaller proportion (13%) were not willing to let to people with dependent children. In 2024, 5% of landlords were willing to let to all types of tenants, down from 8% in 2021. All other figures are similar between 2021 and 2024, Annex Table 5.1, Figure 5.1.

Figure 5.1: Types of tenants not willing to let to

Base: all landlords: weight: landlord weight

Notes:

1 underlying data presented in Annex Table 5.1

2) multiple responses. Responses don’t add up to 100%

Source: English Private Landlord Survey 2024

Landlords with only one property were the most likely to say they would be unwilling to rent to people receiving housing support (40%) and landlords with five or more properties (34%) the least likely. Landlords with smaller portfolios also reported being less willing to let to people with dependent children, with pets, or requiring adaptations to the property.    

The most common reason for not being willing to let to tenants in receipt of housing support – mentioned by 73% of landlords not willing to let to this group - was a perceived greater risk of delays in payment or unpaid rent. Two thirds (65%) of those not willing to let to tenants on housing benefits also reported a perceived risk that the benefits would not cover all the rent. Over half of landlords who reported being unwilling to let to people in receipt of housing support (55%) were concerned that benefits would be paid directly to the tenant and not to the landlord or agent. A similar proportion reported a perceived greater risk due to plans to remove Section 21 of the Housing Act (59%) and a perceived greater risk of disturbance or anti-social behaviour or damage to property or furnishings (55%), Figure 5.2. The reasons given for not being willing to let to tenants on housing support were similar to in 2021, though the proportion saying it was because of plans to remove Section 21 of the housing act has increased (from 50% in 2021 to 59% in 2024), Annex Table 5.2.

Figure 5.2: Reasons for not letting to households in receipt of housing support

Base: all landlords not willing to let to those in receipt of housing support: weight: landlord weight

Notes:

1) underlying data presented in Annex Table 5.2

2) multiple responses. Responses don’t add up to 100%

Source: English Private Landlord Survey 2024

The majority of landlords not willing to let to couples or lone parents with dependent children (80%) said this was because they believed the accommodation was unsuitable for families. This was also the case in 2021, Annex Table 5.3. Figure 5.3.

Figure 5.3: Reasons for not letting to families with children

Base: all landlords not willing to let to families with children: weight: landlord weight

Notes:

1) underlying data presented in Annex Table 5.3

2) multiple responses. Responses don’t add up to 100%

Source: English Private Landlord Survey 2024

Licensing

Licensing was introduced in England and Wales in 2006 with the aim of raising standards in Houses in Multiple Occupation (HMOs) and other rented properties more generally. Not every rented home is subject to licensing but, for those that are, a valid licence must be secured from the local council before it can be legally let.

When asked if they had applied for a license to operate as a landlord, 19% responded they had applied, 20% stated they had not and the remaining 62% stated a license was not required in the area their properties are. This is similar to 2021 when 17% said they had applied, 26% said they had not ^{[footnote 6]} and 57% said it was not required in the area their properties are, Annex Table 5.4.

Legal and good practice requirements - letting

When renting a property in England, landlords are legally required to undertake several responsibilities and obligations related to the letting of their rental property. The survey asked landlords which of these legal requirements they had undertaken for their most recent letting.

A Tenancy Deposit Protection scheme (TDP) protects a deposit during the tenancy. For all assured shorthold tenancies in England that started after 6 April 2007, where a deposit is taken, landlords are required to register it in one of the three government-backed tenancy deposit schemes, 93% of landlords asked said they had done this for  their most recent let. Since the EPLS sampled landlords from the three government-backed TDP schemes, this value is likely an overestimate of the full landlord population. The English Housing Survey estimates that in 2022-23, between 65% and 73% of households in the private rented sector were covered by a TDP scheme.

Landlords with one property were more likely to say they registered the deposit for their last letting with a TDP scheme than landlords with multiple properties.  The EPLS only sampled landlords who had registered at least one deposit with a TDP scheme, so these figures are likely to be higher than for the general population of landlords (see Technical Notes), Annex Table 5.5, Figure 5.4. 

Figure 5.4: Compliance with legal requirements for most recent letting

Base: all landlords: weight: landlord weight

Notes:

1) underlying data presented in Annex Table 5.5

2) multiple responses. Responses don’t add up to 100%

Source: English Private Landlord Survey 2024

An Energy Performance Certificate (EPC) gives a property an energy efficiency rating between A (most efficient) and G (least efficient) and is valid for 10 years. Since October 2008, there has been a legal duty on landlords to provide new and prospective tenants with a copy of the EPC of the property. Overall, 91% of landlords said they provided prospective tenants with a copy of the EPC for their most recent let, higher than in 2018 (84%). This was more common among landlords with five or more properties (95%) than landlords with only one property (87%).

Since February 2016, all landlords letting a property in England are legally required to carry out ‘Right to Rent’ checks of their prospective tenants to determine whether they have the legal right to rent a property in the UK. Right to Rent was introduced in the Immigration Act 2014 as part of the previous government’s wider reforms to the immigration system. Overall, 79% said they did this for their most recent let, with landlords with larger portfolios more likely to say they did so (89% for landlords with five or more properties, 72% for landlords with one property).

From October 2015 all landlords in England have been legally required to provide a new tenant with a copy of the government ‘How to Rent’ guide for tenants. The guide is for people who are looking for a house or flat to rent in the private sector to help them understand their rights and responsibilities. Overall, 68% of landlords said they did this for their most recent let, higher than in 2018 (52%). Landlords with multiple properties were again more likely to say they did this (86% for landlords with five or more properties, 59% for landlords with one property).

While not a legal requirement, half of landlords (50%) said they used the model tenancy agreement for assured shorthold tenancies for their most recent let. Most landlords (80%) stated they made an inventory of furniture or other items. This is recognised as a good practice measure to prove the contents and condition of all fixtures and fittings within the rental property at the beginning of the tenancy and to avoid disputes relating to the deposit at the end of the tenancy, Annex Table 5.5, Figure 5.5.

Figure 5.5: Compliance with good practice for most recent letting

Base: all landlords: weight: landlord weight

Notes:

1) underlying data presented in Annex Table 5.5

2) multiple responses. Responses don’t add up to 100%

Source: English Private Landlord Survey 2024

Legal and good practice requirements – management and maintenance

Since October 2015, as part of the Smoke and Carbon Monoxide Alarm (England) Regulations 2015, private sector landlords in England are required to have at least one working smoke alarm installed on every storey of their properties and a carbon monoxide alarm must be installed in any room containing a solid fuel burning appliance (for example, a coal fire, wood burning stove). The landlord must make sure the alarms are in working order at the start of each new tenancy.

Almost all landlords (99%) stated, for their most recent let, they ensured a working smoke alarm was installed on each floor of the property. Additionally, 78% stated they ensured a working carbon monoxide alarm was installed in rooms containing a solid fuel burning appliance, higher than in 2018 (69%). Over half of landlords in 2024 responded to say they carried out a fire safety risk assessment (56%), Annex Table 5.5, Figure 5.6.

Figure 5.6: Compliance with maintenance requirements for most recent letting

Base: all landlords: weight: landlord weight

Notes:

1) underlying data presented in Annex Table 5.5

2) multiple responses. Responses don’t add up to 100%

Source: English Private Landlord Survey 2024

In terms of measures taken to ensure electrical safety, a majority of landlords (84%) reported they ensured a visual check of the electrical installation and appliances was carried out, higher than in 2018 (82%). Furthermore, 61% stated they ensured electrical appliance checks were carried out by a qualified tester and 94% reported the same for electrical installation, both higher than in 2018 (49% and 78% respectively).

Under The Homes (Fitness for Human Habitation) Act 2018, which came into force on the 20th March 2019 (and amends the Landlord and Tenant Act 1985), landlords must ensure their property, including any common parts of the building, is fit for human habitation. That means they must ensure the property is safe, healthy, and free from things that could cause serious harm at the beginning of the tenancy and for the duration of the tenancy agreement. Where a landlord fails to do so, the tenant has the right to take action in the courts for breach of contract on the grounds that the property is unfit for human habitation. The majority of landlords (86%) of landlords said they carried out an inspection for their most recent let to ensure the property was fit for human habitation.

Generally , levels of compliance with the range of maintenance measures asked about were similar irrespective of landlord portfolio size.

Request for reasonable adjustment

Where asked to do so by tenants, landlords also have a duty under the Equality Act 2010 (in place since 1st October 2010) to make reasonable adjustments for disabled people when undertaking a letting. Fewer than one in five landlords (16%) said a sitting or new tenant had requested reasonable adjustments to any of their properties in the last two years. Almost all landlords who received a request for reasonable adjustments (97%) said that they carried out the request, Annex Table 5.6 and 5.7.

When asked how these adjustments were funded, almost all landlords who made adjustments said that they (the landlord) paid for them in full (87%). Few landlords reported these adjustments were paid for by social services (2%) or by the Disabled Facilities Grant (1%), Annex Table 5.8.

Legal requirements – energy efficiency

The highest EPC energy efficiency rating is A and the lowest is G. From 1st April 2018 private sector landlords were unable to grant a new tenancy (or renewal tenancy), where the energy performance of the property is below a minimum ‘E’ rating on the EPC, unless a valid exemption for the property is in place. Additionally, from 1st April 2020, there has been a legal requirement for all private rented properties to have a minimum ‘E’ rating on the EPC, unless a valid exemption for the property is in place. A private landlord planning to let a property or currently letting a property with an EPC of F or G, must improve the property’s rating to a minimum EPC of E immediately, or register an exemption (if applicable).

Nearly three-quarters (72%) of landlords reported they were aware of and understood the regulations, while 10% were not aware of the new energy efficiency legal requirement at all, Annex Table 5.10.

The survey asked landlords about the EPC bands of their rental properties. Landlords were asked about their whole portfolio so they could select more than one category. Because of the response options offered (see Figure 5.6) it is not possible to separate out landlords with properties in Band E from those with properties in Bands F and G. It is therefore not possible to identify the proportion of landlords with F or G rated properties that fall below the current required minimum energy efficiency standard, Annex Table 5.9, Figure 5.7.

Figure 5.7: EPC rating of properties

Base: all landlords: weight: landlord weight

Notes:

1) underlying data presented in Annex Table 5.9

2) multiple responses. Responses don’t add up to 100%

Source: English Private Landlord Survey 2024

The proportion of landlords who reported they had at least one property with an EPC rating of D or below is similar to 2021 (47% in 2024, 46% in 2021) with 14% of landlords in 2024 having at least one property with a rating of E, F and/or G. As the question referred to any property in their portfolio, it is not possible to calculate the proportion of tenancies this affects. However, according to the EHS 2022-23, 12% of the Private Rented Sector stock has an EPC rating of E, F or G ^{[footnote 7]}.

The proportion of landlords who reported all their properties were in Band C or above increased (from 35% in 2021 to 41% in 2024). There has been a commensurate reduction (from 18% in 2021 to 12% in 2024) in the proportion of landlords who said they did not know their properties’ EPC ratings.

Just over a third (35%) of landlords with properties with an EPC rating of D or lower said they had plans to improve the energy efficiency of some (25%) or all (10%) of their properties. The remaining 65% of landlords with properties rated D or below had no plans to improve energy efficiency, Annex Table 5.11.

Landlord awareness and understanding of tax and legislative changes

The survey presented landlords with a list of recent or planned legislative changes and asked them what changes they were aware of. The data were collected in April/May 2024, prior to the change in government in July 2024, and so legislation may be subject to change.

A majority of respondents were aware of upcoming changes to the way tenants can be evicted (75%) and the right of tenants to request a pet in the property (61%) while just over half were aware of tax changes including changes to capital gains tax (55%) and changes to landlord tax relief (52%). Awareness of other legislative changes was lower with 37% of landlords aware of upcoming changes to minimum quality standards (the introduction of the Decent Homes Standard for private rented properties) and 18% aware of the introduction of a Private Rented Sector Ombudsman, Annex Table 5.12, Figure 5.8. 

Figure 5.8: Awareness and understanding of tax and legislative changes

Base: all landlords: weight: landlord weight

Notes:

1) underlying data presented in Annex Table 5.12

2) multiple responses. Responses don’t add up to 100%

Source: English Private Landlord Survey 2024

Annex Table 5.13 shows the proportion of all landlords who understood each change (with those who were not aware of it counted as not understanding it). Landlords had the highest-level understanding of the changes to the way tenant can be evicted (36%) and the right for tenants to request a pet in the property (33%) and the lowest understanding of the introduction of the Private Rented Sector Ombudsman (6%) and the creation of the Private Rented Property Portal (5%), Annex Table 5.13.

Landlord’s receipt of grants, voluntary accreditation, inspection and fines and attending forums and training

Just under one in ten (9%) of landlords had attended a landlord forum or training. Less than 1% of landlords had received a grant for a property e.g. Government’s Energy Company Obligation grant scheme, 2% had signed up to a voluntary landlord accreditation scheme, e.g. Leeds Rental Standard, London Landlords Accreditation Scheme, and 5% had been issued with a fine, penalty or formal notice for a property or received an inspection from a Local Authority, Annex Table 5.14.

6. The future of the private rented sector

This chapter presents findings on the future plans landlords have for their rental property portfolios and their concerns about finances, legislation and tenant behaviour.

Landlords’ future plans

The majority of landlords (59%) said the next time one of their rental properties became vacant, they would relet it. Around one in five (19%) reported they would not relet the property, with 9% saying it depended on which of their properties became vacant and 11% saying they did not know. Although the majority of landlords said they would relet a vacant property in 2024, this proportion has fallen steadily since 2018; 75% of landlords said they would relet in 2018 and 68% in 2021, Annex Table 6.1.

When asked what, if any, investment plans they had for their rental properties over the coming two years, the most common response, given by 42% of landlords representing 37% of tenancies, was that they planned to keep the number of their rental properties the same. Landlords were more likely to say they were planning to decrease the number of properties they rented than to increase the number. Of the landlords asked, 31% (representing 39% of tenancies) said they planned to decrease the number of properties – including 16% who planned to sell all their properties – while 7% said they planned to increase the number of properties. Nearly one in five landlords (20%) said they had not made any plans, Annex Table 6.2 and 6.3.

Landlords in 2024 (31%) were more likely than in 2021 (22%) or 2018 (16%) to say that they were planning to decrease the number of properties/sell them all, with a corresponding decline in the proportion of landlords who said they would keep their portfolio size the same. The proportion of landlords saying they would increase their portfolio was lower in 2024 (7%) compared with 2021 and 2018 (both 11%).

Landlords who rented out their property as part of a company were more likely than landlords renting as individuals to say they planned to increase the number of rental properties in the next two years (27% compared with 5%), while landlords renting as an individual or group were more likely than landlords operating as part of a company to say they planned to keep the number of properties the same (43% compared with 33%).

A similar pattern was found with respect to portfolio size. Overall, landlords with larger portfolios were more likely than landlords with smaller portfolios to say they planned to both increase and decrease their number of properties and less likely to say that they planned to keep the number the same. Single property landlords were the most likely to say they had not made plans (26% compared with 10% of landlords with five or more properties). This pattern was similar to 2021, Annex Table 6.4.

Landlords with Buy-to-Let mortgages were the most likely to report planning to increase (9%) or decrease (20%) the number properties in their portfolio compared to landlords with other types of loan (6% and 11%) and those with no loans or borrowing (3% and 11%, respectively). This pattern was also similar in 2021.

While specific landlords may report plans to decrease or sell all of their portfolio, this is not necessarily predictive of changes to the size of the private rented sector. Not all reported intentions will result in sales, and where sales do occur, properties may remain within the private rented sector. The EPLS is also unable to capture landlords who may enter the market.

Figure 6.1: Plans to make changes to portfolio sizes over the next two years

Base: all landlords; weight: landlord weight and tenancy weight

Note: underlying data are presented in Annex Table 6.4

Source: English Private Landlord Survey 2024

The median number of properties by which landlords planned to increase their portfolio size was two. The median number of properties by which landlords planned to decrease their portfolio size was one. Over half (57%) of landlords planning to decrease their portfolio size said they were planning to sell all of their properties, thereby leaving the market.

These figures should, however, be treated with caution. For example, some landlords reported a planned increase of more than 100%, and it is possible that these landlords interpreted the question as the total number of properties they planned to increase up to or down to rather than the additional number they planned to increase by or decrease by. Where this happens, it would inflate the apparent size of any change, Annex Table 6.5, 6.7 and 6.8. 

Among landlords who planned to decrease their portfolio, recent tax and legislative changes were the most commonly selected reason (66%), followed by forthcoming legislative changes (44%). Four in ten (40%) reported intending to sell or decrease their portfolio due to reasons related to investment viability such as rising interest rates, while 21% mentioned poor experience with tenants. Please note the data were collected in April/May 2024 prior to the change in government in July 2024 and legislative or tax changes that were planned at the time of the survey may be subject to change, Annex table 6.9, Figure 6.2.

Comparing with previous surveys, legislative changes were also the most commonly selected reason for landlords saying they would decrease portfolio size in 2021 with 55% mentioning recent legislative changes and 53% forthcoming legislative changes.

Figure 6.2: Reasons for planning to decrease portfolio size or leave the sector

Base: all landlords who plan to decrease or sell all rental property, weight: landlord weight

Notes:

• underlying data are presented in Annex Table 6.9
• multi-code question. Responses add up to more than 100%

Source: English Private Landlord Survey 2024

Recent legislative changes were the most common reason given for planning to decrease portfolio size by all landlords regardless of portfolio size but was more commonly mentioned by larger landlords (75% of landlords with five or more properties compared with 57% of single property landlords). Larger portfolio landlords were more likely to mention most of the reasons for decreasing their portfolio size (apart from personal reasons), likely as a result of giving multiple reasons for their decision. Buy-to-Let landlords were more likely to mention investment viability reasons, financial reasons, and recent legislative changes as reasons for decreasing their portfolio than landlords with other types of borrowing or no borrowing.

Among landlords who said they planned to increase or keep the number of rental properties the same, financial reasons were the most commonly mentioned (by 48% of landlords planning to keep their portfolio the same and 76% of landlords planning to increase their portfolio), followed by personal reasons (40% and 36% respectively). This was the case regardless of portfolio size or type of borrowing, Annex Table 6.10 and 6.11, Figure 6.3.

Figure 6.3: Reasons for planning to increase portfolio size

Base: All landlords who plan to increase portfolio size; weight: landlord weight

Notes:

• underlying data are presented in Annex Table 6.11
• multi-code question. Responses add up to more than 100%

Source: English Private Landlord Survey 2024

Landlord concerns

The survey asked landlords to select, from a range of options, what caused them most concern as a landlord. Please note the data were collected in April/May 2024 prior to the change in government in July 2024.

Landlords most commonly mentioned forthcoming legislative changes such as changes to the means of evicting tenants, and recent tax changes such as changes to mortgage interest relief and Capital Gains Tax, with around six in ten landlords indicating concern (64% and 59%, respectively). Around four in ten landlords (44%) also mentioned recent legislative changes, such as around minimum energy efficiency standards, as a concern. Financial concerns, such as the cost of repairs (35%), tenant arears (31%), or loan/mortgage payments (37%), were mentioned by around one in three landlords, Annex Table 6.12, Figure 6.4.

Single property landlords were the most likely to mention market concerns such as void periods or reduced demand with 10% doing so. Landlords with larger portfolios were more likely than smaller landlords to mention financial concerns and legislative changes with forthcoming legislative changes and recent tax changes being mentioned by 79% and 69% of landlords with five or more properties respectively.

Figure 6.4: Landlord concerns

Base: all landlords, weight: landlord weight

Notes:

1) underlying data are presented in Annex Table 6.12

2) multi-code question. Responses add up to more than 100%

Source: English Private Landlord Survey 2024

Technical notes

Methodology and approach

The EPLS is an online survey of over 9,000 landlords and letting agents registered with one of the three government-backed Tenancy Deposit Protection (TDP) schemes. Since the 6 April 2007 in England when a deposit is provided by a tenant to a landlord for an assured shorthold tenancy, all landlords (or their agents) are legally required to register that deposit with a TDP scheme.

The TDP scheme administrative data were used as a sample frame for the study. The data used to sample for the EPLS were downloaded in May 2023. At this time, the TDP scheme data indicated that there were 4.2 million live deposits registered with a TDP scheme in England, corresponding to an estimated 550,330 ‘registrants’ (landlords and agents with an ID on the TDP database indicating that they have registered a deposit either themselves (landlords) or on behalf of a landlord (agents). A randomly selected sample of these ‘registrants’ were invited to take part in the EPLS. Landlords and agents with larger portfolios were over-sampled to provide sufficient numbers for analysis.

While both landlord and agent ‘registrants’ were sampled and completed the survey, only data for direct landlords, that is those landlords who registered tenancies themselves, are reported on here. Issues with the TDP admin data (used as a sample frame) available for agents, in particular a lack of clarity about the potential relationships between different agent registrants on the frame and the way in which they were responding to the survey (as an individual agent or on behalf of their whole company/a branch of that company), made it very difficult to construct a viable weighting scheme for agents. Ultimately, any attempt to weight the agent respondents would require assumptions that could not be justified. Further information is given in the accompanying Technical Report.

HMRC reported that in 2022-23, 2.4m landlords in England declared income from renting property^{[footnote 8]}. This report covers the 513,000 direct landlords who registered a deposit with a TDP scheme in 2024. These direct landlords represent 30% of registered deposits, with the remaining 70% of deposits registered by agents on behalf of landlords.

We do not know the precise proportion of the private rented sector that is covered by the TDP schemes. From the English Housing Survey (EHS) in 2023-23 it is estimated that between 65% and 73% of households in the private rented sector are covered by a TDP scheme.

There are several reasons why the remainder of the sector would not be registered with a TDP scheme. For example, the landlord may not have taken a deposit, or the tenancy agreement may have been in place before the TDP schemes became mandatory in 2007. While some landlords will be operating outside of the law, it is not possible to say how many.

The number of private tenancies that are registered with a TDP scheme has increased steadily since 2008. The UK Tenancy Deposit Statistics collected by the TDPs themselves show that the number of deposits protected in England and Wales by one of the three TDP schemes increased steadily year on year from March 2008 (924,181 deposits) to March 2023 (4,685,417 deposits), an increase of over 400% in 16 years. The proportion is expected to continue to increase as more tenancies fall within the requirement and as there is increasing awareness of the need to register.

Although across many household characteristics the profiles of households with a TDP scheme registered deposit and all private renters were very similar (for example type of household and type of property), renters from TDP-scheme landlords are more likely to be employed and have higher incomes than those not registered with a TDP scheme. This should be recognised when considering the findings and their implications. More details can be found in the accompanying Technical Report.  

Fieldwork for the survey took place between 3 April and 19th May 2024, that is before the announcement of a General Election and change of government in July 2024. This should be borne in mind when considering landlord responses to recent or forthcoming legislation, which may be subject to change.

Weighting

The survey data collected from direct landlords was weighted to make the data representative of two different populations. The weights used are:

1. Tenancy weight – this makes the data representative of live deposits/tenancies that are registered with a TDP scheme directly by a landlord;
2. Landlord weight – this makes the data representative of direct landlords, that is landlords who have registered live deposits with a TDP scheme themselves.

The two populations the weights represent (deposits/tenancies registered by direct landlords, and direct landlords) are quite distinct. Each one gives a different weight (in aggregate) to different groups in the sample, reflecting the makeup of the respective populations. The weight used for analysis will therefore affect the results. For example, based on landlord responses, 45% of landlords own one rental property but these account for only 21% of tenancies. This illustrates that the tenancy weight gives landlords with small portfolios (in this case only one rental property) less influence than the landlord weight will do.

When findings are reported using the tenancy weight, these are described as representing x% of tenancies. More precisely, they represent the proportion of live deposits in England registered with TDP schemes. A deposit may not always equate to a households. In some cases, multiple deposits may be registered for a single tenancy (for example, multiple tenants living in the same shared property). However, for ease, the word ‘tenancy’ is used to describe registered deposits throughout the report.

Similarly, when findings are reported using the landlord weight, they are described as representing x% of landlords. More precisely, they represent the proportion of landlords with registered live deposits.

For ease of reference, the weight used is noted under each chart and in the top left corner of each accompanying annex table.

Reporting

The base under each chart denotes the set of respondents on which the findings are based. This is often (but not always) the same as the set of respondents to whom the question was addressed (e.g. all landlords, individual landlords, only landlords with multiple properties etc.).

Some questions relate to all of the respondents’ properties or lettings, while others relate only to the most recent letting or property. Where findings relate only to the most recently let property, this is noted.

Several survey questions were multi-coded (i.e. respondents were able to select more than one response), which means that the number of responses may add up to more than 100%. Where this is the case, it is noted under the charts.

‘Don’t know’ and ‘prefer not to say’ responses are excluded from the analysis unless shown in the table or otherwise stated. The exception is that when analysing questions where more than one response is allowed, the base is everyone responding to the question. This will include a small number of people who gave ‘don’t know’ or ‘prefer not to say’ responses which are not shown in the table.

All reported comparisons between subgroups were tested at the 5% significance level, taking into account the effect of the weights.

All findings relate to direct landlords only. The findings may not fully represent the characteristics and behaviour of all tenancies and landlords, including those who used an agent to register their deposits with a TDP.

Additional annex tables, including the data underlying the figures and charts in this report are published.

Comparisons over time

Wherever possible the findings from 2024 have been compared to those from 2018 and 2021. For some questions only comparisons with 2021 have been made. This is the case if the question was not asked (or asked differently) in 2018 and for all questions containing an “other specify” response. The approach to dealing with these “other specify” responses was different in 2018. In 2021 and 2024, wherever possible these responses were backcoded into one of the stated responses. This backcoding was not done in 2018.

For some multicode questions for which comparisons over time are made there were changes to the response options between 2021 and 2024 (adding or removing response options). Where this is the case, it is noted under the relevant accompanying table and should be borne in mind when considering any findings relating to a change over time in the proportion of respondents selecting a specific response.

As with all comparisons, any differences reported on between years were tested at the 5% significance level.

While it is possible to compare proportions over time, direct comparisons between population estimates over time (number of landlords or tenancies) should not be made. This is because of a difference in the definition of the population used for the 2024 survey compared with 2018 and 2021. Each of the three TDP schemes offers both custodial and insurance-backed schemes for registering deposits. In 2024, records from both insured and custodial schemes for all three TDPs were included in the sample and the resulting population estimates whereas, due to data not being available, custodial scheme records from one of the TDPs were not included in 2018 and 2021. The resulting population estimates for those years are therefore lower than they would otherwise have been.

For example, the total number of landlord-registered deposits based on the TDP records supplied for the 2024 survey was 1.28 million. Excluding custodial cases from the relevant TDP reduces that number falls to 1.21 million. Despite the difference in the total population, a comparison of key survey estimates for 2024 both including and excluding the relevant custodial records suggests there is little difference in the underlying profiles of landlords or their properties regardless of whether or not these cases are included. It is therefore considered reasonable to compare percentage estimates over time despite the difference in samples.

1. Private Landlords Survey. ↩

2. English Housing Survey, Headline Report 2022-23. ↩

3. Such as the removal of their ability to deduct mortgage interest payments from taxable income (phased in from April 2017) and the removal of the wear and tear allowance on furnished properties (from April 2016). ↩

4. For a detailed overview of the private rented sector, see Rugg and Rhodes (2018) The Evolving Private Rented Sector: Its Contribution and Potential. ↩

5. English Housing Survey 2022-23 Headline Report, Annex Table 1.6. ↩

6. It does not necessarily follow that these landlords are in violation, as they may not rent out a type of property that requires a license, with requirements for certain property types being applicable for their area. ↩

7. English Housing Survey 2022-23 Headline Report, Annex Table 5.2. ↩

8. HM Revenue and Customs (2024) Property Rental Income Statistics 2024. ↩