According to a new report from The Deposit Protection Service (The DPS), new tenancies in England and Wales are occurring less frequently than they have in eight years. Tenants are remaining longer, largely because of a combination of high rents and a shortage of suitable rental properties, meaning it’s less common than ever to see tenants move.
The report reveals a staggering drop down to just 77,000 new deposits with the three Government‑approved tenancy deposit schemes between October 2023 to September 2024 from 250,000 in the same period in 2016 – 2017!
The data also show that the average length of a DPS registered tenancy has increased by 121 days: from 789 days in 2021 to 910 at the end of 2024.
Year Tenancy length (days)
2021 – 789
2022 – 831
2023 – 882
2024 – 910