London, 19 March 2026 – New research from The Deposit Protection Service (The DPS) has shown that the UK landlord market continued to consolidate over the past year.
The UK’s largest protector of deposits’ Private Rented Sector Review tracks landlord sentiment every six months and is based on a survey of more than 1,000 landlords.
The report shows that the proportion of landlord respondents owning one or two properties fell by seven percentage points, from 57% to 50%, between October 2024 and October 2025.
Over the same period, the share of landlord respondents with three to five properties increased from 27% to 31%.
The report also shows that the proportion of landlord respondents owning 11 or more properties rose by three percentage points, from 5% to 8%.
The share of landlord respondents with six to 10 properties remained stable at 11%.
Matt Trevett, Managing Director at The DPS, said: “Taken together, these findings point to a gradual reshaping of the landlord landscape.
“Smaller landlords now account for a shrinking share of the market, while medium and larger portfolios are becoming more prominent.”
“At a time of ongoing economic pressure and regulatory change, the data suggest the sector is continuing to consolidate.”
Landlord income and structure
More than a third of landlord respondents (36%) said rental income was their main source of income.
A majority of landlord respondents (56%) said rental income was not their primary source of income.
Just 5% of landlord respondents reported operating via limited companies. Information Classification
Around three in 10 landlord respondents (28%) said they continue to let properties as individuals or sole traders.
The report is available here: https://www.depositprotection.com/documents/prs-review-feb-2026.pdf