"Rather than a sharp, policy-driven cliff edge, the trend points to a market that has been shifting for some time"
- Jason Tebb - OnTheMarket.
Fears that the Renters' Rights Act is driving a sudden mass landlord exodus from the private rented sector are likely overestimated, according to new data from OnTheMarket.
The portal tracks homes previously listed for rent that are subsequently relisted for sale within six months, using the figures as a proxy measure for landlord exits. The data reveals a gradual, sustained increase in such listings beginning in January 2024, well ahead of the Act's commencement, suggesting the shift reflects a broader set of pressures on buy-to-let economics rather than a single piece of legislation.
A trend two years in the making
The numbers tell a clear story of slow-building change. Converted listings rose 91% month-on-month in January 2024 to 1,265, a 41% jump year-on-year. That figure climbed steadily over the following two years, rising 94% in total by January 2026. March 2026 then saw the sharpest single-month spike, up 40% on February and more than double the level recorded in March 2024.
The March uptick falls just two months before the Act comes into force, but OnTheMarket cautions against reading it as a direct policy reaction. Seasonal timing is likely a significant factor, with landlords holding out for the traditional spring sales window to act on decisions already made months earlier.
Multiple pressures, not one trigger
"Much of the debate around the Renters' Rights Act has focused on the idea that it will trigger a sudden landlord exodus," said Jason Tebb, president of OnTheMarket. "However, our listings activity data suggests a more nuanced picture. Rather than a sharp, policy-driven cliff edge, the trend points to a market that has been shifting for some time."
"The increase in listings appears to have been building well ahead of the Act's commencement, reflecting a combination of pressures that have been weighing on buy-to-let economics. Higher interest rates feeding through since 2022, changes to the tax treatment of property investment, rising maintenance and insurance costs, and the relative appeal of alternative investments have all played a role in reshaping landlord behaviour."
"In that context, the Renters' Rights Act looks less like the sole cause of change and more like a tipping point for some landlords who were already reassessing whether buy-to-let still stacks up. For some, it may be the final catalyst that prompts a market exit, but for others, it will be business as usual."
Tebb added that the more recent acceleration in listings also warrants careful interpretation. "Part of the sharper increase this year may reflect timing, with some owners choosing to list into the traditional spring uplift rather than earlier, while wider economic and geopolitical uncertainty may also be encouraging landlords to simplify finances and reduce exposure," he said.
Supply pressures remain the real risk
"Overall, the data points to a sector in transition rather than one reacting to legislation in isolation. The key challenge now is ensuring that this structural shift does not exacerbate further supply pressures in markets where rental homes are already in short supply."
The findings add an important counterweight to the more dramatic exodus narratives circulating ahead of the Act's introduction. The landlord exit trend is real, but it is neither new nor solely driven by the incoming reforms.
What matters now is whether the cumulative effect of that gradual attrition, concentrated in already supply-constrained rental markets, creates the kind of pressure that no single piece of legislation can easily reverse.
