Tenants rent for longer as new tenancies plummet

Tenants rent for longer as new tenancies plummet

0:05 AM, 12th February 2025, About 3 hours ago 1

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The number of new rental agreements in England and Wales have reached their lowest point in eight years, according to a report by The Deposit Protection Service (The DPS). 

Its Private Sector Rental Review, which analyses official data from government-approved deposit schemes, reveals a big drop in new tenancies.

Between October 2016 and September 2017, landlords registered 250,000 new deposits.

This figure dwindled to below 77,000 during the same timeframe in 2023-4.

Less common to see tenants move

Matt Trevett, the managing director at The DPS, said: “Whilst the overall number of tenancies in England and Wales continues to increase, that rate of growth has slowed during the last 12 months.

“This is the first time the rental market has grown by less than 100,000 tenancies in any 12-month period during the past eight years.”

He added: “Tenants are now spending just under two and a half years in a property on average, which is around four months’ longer than in 2021.

“A combination of high rents and a shortage of suitable rental properties means that it’s less common than ever to see tenants move.”

Tenancies are lasting longer

However, existing tenancies are lasting longer with the average extending by 121 days, rising from 789 days in 2021 to 910 days by the end of 2024.

The DPS report, incorporating tenant and landlord survey results, further highlights this trend.

It found that the proportion of tenants moving within the past year fell from 46% (April 2023) to 20% (October 2024).

Conversely, those renting for one to five years increased from 42% (March 2024) to 54% (October 2024).

Also, 35% of tenants in October 2024 reported staying put despite wanting to move, up from 24% in March.


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Desert Rat

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2:39 AM, 12th February 2025, About 46 minutes ago

I'd have to agree, tenants are not moving.

99% of my tenants have been with me for over 5 years, one over 12 years, most around 8 years.

I had 1 tenant move out a couple of years ago as they needed a council bungalow

Any new purchases over the last few years still have the original tenant.

I've no idea where they came to a figure of 910 days?

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