In 2018, around 94 per cent of landlords rent property as an individual, four per cent as part of a company and only two per cent as part of some other organisation, according to the latest survey released by the Ministry of Housing, Communities and Local Government.
While almost half of landlords own just one property, half of private rented sector tenancies are let by the 17 per cent of landlords with five or more properties.
Around 45 per cent of landlords have just one rental property, representing 21 per cent of the private rented sector.
A further 38 per cent own between two and four properties, representing 31 per cent of the sector. The remaining 17 per cent of landlords own five or more properties, representing 48 per cent of the private rented sector.
Of landlords with 11 or more years’ experience, 70 per cent had two or more properties, compared with 48 per cent of those who had been letting for four to 10 years and 22 per cent of those who had been a landlord for three years or less.
Decrease in proportion of landlords with one property
Between 2010 and 2018, there has been a significant decrease in the proportion of landlords with just one property, from 78 per cent to 45 per cent.
Meanwhile, the proportion of landlords with five or more properties increased from five per cent to 17 per cent or from 39 per cent to 48 per cent of the sector.
Over half of landlords are aged 55 years or older, whilst over a third of landlords are retired.
Around 46 per cent of landlords became a landlord because they preferred property to other investments, while 44 per cent did so to contribute to their pension. Only four per cent became a landlord to let property as a full-time business.
Although 53 per cent of landlords bought their first rental property with the intention of renting it out, 32 per cent did so to live in themselves.