The private rental sector has traditionally been a small market. Between 1990 and 2000, private rental units accounted for around 10% of the English housing stock. That changed with the emergence of buy-to-let, and rising house prices, with the private rental sector stock rising from 10% of the total to 17% by 2010. The most recent data (2017) shows the private rental sector accounting for 20% of the total English stock.

The above mentioned increase is due primarily to buy to let, which dominates the market, accounting for above 95% of rental supply across England. In the buy to let heyday (2006 – 2015), the stock of rental units increased by an average 200,000 units a year across England. However, with the introduction of the buy to let / second home 3% stamp duty, and stricter buy-to-let loan criteria, matters have changed, with the number of private rental units rising by just 60,000 in 2016, and falling by 45,000 in 2017.

With many unable to afford a house, the supply of public (or so-called affordable) housing restricted, and buy to let having passed its heyday, many now view build to rent as a promising means of helping deliver on the UK government’s housing target.