Its biannual Private Rented Sector Review, which tracks the sentiment of over 1,000 landlords, showed that the proportion of landlords owning one or two properties fell from 57% to 50% between October 2024 and October 2025.
Over the same period, the share of landlord respondents with 3-5 properties rose from 27% to 31%. Further, there was a rise in the proportion of landlords with 11 or more properties, increasing from 5% to 8%.
The share of landlords with 6-10 properties stayed flat at 11%.
Just over a third – 36% – of respondents said rental income was their main source of income, while the majority – 56% – said it was not.
The largest share of landlords owned properties in their own name, with 28% holding properties as individuals or sole traders, while 5% were operating using limited companies.
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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,” Trevett added.
