Rental listings jump 25% as tenant moves slow

The number of rental homes available across England rose sharply at the end of last year, but this was due to a drop in tenants moving and not landlords leaving the market.

New figures from Inventory Base show rental availability increased by 25% in Q4 2025 compared with the previous quarter.

It says that even allowing for seasonal effects, stock levels were 15.4% higher than a year earlier.

That points to a larger-than-usual build-up of properties sitting available.

Landlords exiting the PRS

The firm’s operations director, Sián Hemming-Metcalfe, said: “The Renters’ Rights Act fundamentally changes the risk profile for private landlords.

“It makes affordability harder to assess, limits how risk can be managed during a tenancy, and reduces the levers landlords have to protect their assets.

“That’s why there’s been so much noise about landlords exiting the sector.”

She added: “What these Q4 figures tell us is that this hasn’t happened yet.

“Instead, what we’re seeing looks much more like tenant hesitation.

“Tenants know the reforms are coming and, quite rationally, many are choosing not to move until those protections are firmly in place.”

Annual rise in supply

The firm says its data challenges predictions that the Renters’ Rights Act will trigger an immediate reduction in PRS supply.

In addition to available rental home numbers rising by 25% quarter on quarter, they also rose by 15.4% year on year.

Some of the strongest quarterly rises were recorded in the City of Bristol, where availability climbed 74.8%.

It is followed by Leicestershire at 67.6%, Tyne and Wear at 66.7%, Warwickshire at 66.4% and West Yorkshire at 65.2%.

Rutland and Merseyside also posted increases of more than 60%.

The City of London saw stock fall by -14.1% over the quarter, while Greater London recorded a smaller decline of -2.4%.

Act may have an impact

Ms Hemming-Metcalfe said: “When tenants stop moving, homes sit on the market for longer, and available stock builds up, even though the overall number of rental homes hasn’t changed.

“That slowdown in tenant movement is likely making life difficult for some landlords and developers right now, including in the build-to-rent space.

“Properties are available, but demand isn’t clearing them at the usual pace.”

She adds: “The real test will come as we move closer to implementation and into the summer, when the Act is fully live.

“Supply may tighten, but landlords tend to be more resilient than the commentary gives them credit for.”