What is the private rented sector?
The Private Rented Sector (PRS) can be defined as accommodation that is privately owned (i.e. not owned by a council or housing association), and that is being rented out by a landlord, normally for some profit. Both the department of Communities and Local Government and the Scottish Government have recently commissioned reviews of the PRS.
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Many people have some experience of living in the PRS and it serves different functions at different points in people's housing histories
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For many people the PRS provides a long-term home with 21% of respondents having been in their current home for over five years
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None-the-less churn in the sector is high with 40% having been in their home for less than 12 months
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There is wide variety in the types of landlords and agencies operating the PRS and the markets they operate in, however the proportion of smaller landlords has grown in recent years
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The PRS is best understood as a series of niche markets serving different functions with different characteristics. These markets include young professionals, students, Housing Benefit and slum rentals.
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The PRS is a diverse sector with a range of tenants and landlords forming varied sub-markets which are likely to require different policy approaches
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Landlords are largely individuals or couples investing for capital growth rather than rental income
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The vast majority of tenants are satisfied with their landlord, agent and accommodation.