In the last six months, the number of protected deposits increased by just 5,660 tenancies, the smallest half-yearly growth since our records began.
Combined with the previous six-month period, this represents the lowest annual increase in new tenancies recorded over the past decade and corresponds with our survey findings that tenants are moving less frequently.
While this trend may be linked to the Renters' Rights Act, it could also represent a maturing market and a general slowdown in the use of tenancy deposits.
Rental market growth rate, based on number of deposits protected*
*Source: MHCLG - TDP Six Monthly Report July 2026