The number of new tenancies being taken out has hit an eight-year low, suggesting that fewer tenants are moving house, analysis from the Deposit Protection Service has revealed.
landlords registered 250,000 new deposits with the three schemes between October 2016 and September 2017, compared to just under 77,000 during the same period in 2023-4.
Matt Trevett, 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.
“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.”
In October 2024 only 20% of tenants said they’d moved in the past year, down from 46% in April 2023.
