The English Private Landlord Survey shows how fragmented the market still is. Around 83% of landlords own four properties or fewer, with 45% owning just one and a further 38% owning between two and four. Only 17% own five or more, although they account for almost half of all tenancies.

Data from Pegasus Insight’s Landlord Trends Q4 2025 report points in the same direction, with 86% of landlords owning 10 or fewer properties.

So, while the focus is often on large portfolio landlords and professionalisation, most landlords are still operating on a much smaller scale.

As well as dominating the sector, they’re also delivering good outcomes for tenants. Research from Pepper Money shows that 77% of tenants say they’re happy with their renting experience where landlords live close to the property, compared to 71% where they are more than 50 miles away.

That reflects the way in which many smaller landlords operate. They’re often more local and more hands-on, managing properties themselves in areas they know well.

It’s a different model to large portfolio management, but it remains a core part of the private rented sector.

At the same time, smaller landlords are under increasing pressure, particularly without the same economies of scale as larger portfolio investors.

Pegasus Insight found that 38% of landlords are planning to reduce their portfolios, while only 6% expect to expand. It found that landlords with 11-plus properties are also more likely to have recently bought a property.

EPC requirements, the Renters’ Rights Bill, and Making Tax Digital are all feeding into those decisions, alongside high borrowing costs and tighter margins.

Smaller landlords are less likely to have the scale or flexibility to absorb those pressures.

They may still make up most of the market, but they are also the ones most likely to step back if things become too difficult. That’s where brokers have a key role, helping landlords understand their options and navigate what is becoming a more challenging market.

For brokers, much of the day-to-day focus can end up on the more complex end of the market: larger portfolios, more intricate cases and less straightforward scenarios. But that isn’t where most landlords sit.

The bulk of the private rented sector is made up of landlords with relatively straightforward needs. They might have a handful of properties or a slightly less typical setup, but in most cases, nothing especially complex.

Being clear on requirements upfront, keeping cases moving and having direct access to someone who can make a decision can make a noticeable difference, especially if your client’s time is limited.

Many smaller landlords just want a straightforward, reliable journey from start to finish.

At Pepper Money, our focus is on supporting landlords with up to 10 properties – where most landlords sit.

That means a clear approach to underwriting, with a dedicated underwriter from decision in principle (DIP) through to offer, giving consistency, and fewer unnecessary hurdles along the way.

We’re clear on what’s needed upfront and prioritise keeping cases moving. We can issue a DIP within four hours, review applications and documents in a day or less, and give brokers direct access to underwriters when they need it.

It’s all about making straightforward cases easier to place and to progress. Minimal paperwork, a clear online journey and the ability to speak to someone quickly all help reduce delays and keep cases on track.

Customers can still access buy-to-let mortgages even where there are non-standard elements such as a minor credit issue, with applications assessed on a case-by-case basis.

The private rented sector is changing, and there is more focus on larger portfolios and professionalisation.

But most landlords are still operating on a smaller scale, and that isn’t going to shift overnight.

In practice, a lot of your work will be on buy-to-let cases that aren’t especially complicated, but may not fit a standard mould either.

They make up a big part of day-to-day business, and being able to place them smoothly is just as important as supporting the more complex end of the market.