Assured Shorthold Tenancy Agreements (ASTs) will be abolished, and new tenancy agreements will have no fixed end date. Tenants wishing to terminate their tenancy must provide two months' notice. Additionally, it will be a legal requirement for all tenancies to have a written agreement in place. The specific wording for these agreements is currently under review, and templates or specific terms may be provided.

Landlords must not discriminate against tenants who receive benefit payments or have children. Tenants will have the right to request to keep a pet, and such requests cannot be unreasonably refused. If a tenant has a pet, landlords may require them to obtain pet insurance to cover potential damages, or they may charge for insurance taken out by the landlord.

The widely publicised abolition of Section 21 notices will eliminate landlords' ability to terminate tenancies at their discretion. Instead, landlords will need to serve a Section 8 Notice if the tenant is at fault, or provide notice for the intention to sell or occupy the property, with restrictions on re-advertising and significant penalties for non-compliance.

To prevent landlords from using significant rent increases to force tenants out, rent increases will be limited to once per 12-month period and must align with "market rates." Tenants will have the right to appeal unfair rent increases to a new ombudsman service. Consequently, it will be crucial for landlords (or their agents) to maintain documented evidence of comparable properties to substantiate their claims regarding market rates. Standard wording in tenancy agreements that stipulates annual rent increases by a set percentage will be prohibited.

The practice of tenants offering increased rent above the advertised price to secure a property will be banned. The advertised rental price must represent the maximum amount payable by the tenant.

For tenants receiving notices to vacate due to no fault of their own—such as when a landlord intends to sell the property or move back in—the minimum notice period has been extended to four months. These grounds for eviction can only be applied after an initial 12-month tenancy period. If a landlord chooses to re-advertise the property after a tenant leaves, they must wait a full 12 months; failure to comply will result in a penalty.

Many other grounds for issuing a Section 8 Notice have had their notice periods extended from two weeks to between four weeks and two months. Notably, no notice period is required for grounds of anti-social behaviour. If issuing a Section 8 Notice for rent arrears, tenants must be at least three months in arrears (up from two months), plus an additional four weeks' notice to vacate, resulting in a total of four months. Landlords must also have proof that the tenant's deposit was lodged in a government-approved scheme at the start of the tenancy, or that the deposit was returned prior to issuing the notice.

The Renters Reform Bill 2024 also includes provisions for the Decent Homes Standard for rental properties, which is currently under consultation, as well as Awaab’s Law, which will apply to the social rented sector.

In addition to the existing ombudsman service for letting agents (NTSELAT), a new ombudsman service for landlords will be established, alongside a lead enforcement authority. A digital database for the private rental sector and a redress scheme will be created (with joining fees applicable), requiring all landlords and their properties to be registered before being advertised for rent. Councils will be granted expanded financial penalties and new investigatory powers to identify and penalise landlords who do not comply with the new regulations. Penalties include a £7,000 fixed penalty notice for first offences and £40,000 for subsequent offences, or prosecution with unlimited fines. Rent repayment orders will extend from 12 months to two years.

The second reading of the bill was completed on 9 October 2024, with the committee stage expected to conclude by Christmas 2024. It will then move to the third reading and the House of Lords in early 2025. The Housing Minister aims for the legislation to be in force by summer 2025.