Abstract
After many years of decline, the private rental sector has increased in England, but remains a relatively small part of the housing market. Free market rents and weak security of tenure are widely regarded by private landlords and policymakers in England as essential preconditions for a commercially viable private rental housing market to exist. And yet in Germany – which has a very large private rented sector – ‘soft’ rent regulation has been in place since 1971 and tenants have very strong security of tenure, conditions that in England would be seen as inimical to investment in the sector. The aim of this paper is to address this puzzle. It asks: how is it that free market rents and weak security of tenure are perceived to be vital ingredients for a successful private rental sector (PRS) in England, when neither exists in Germany, which has a very large PRS?
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