evidence: The Private Rented Sector (PRS) has changed in recent decades. The sector has doubled in size and both landlords and tenants have become increasingly diverse. It is still an important home for young professionals and students seeking flexibility but increasing numbers of families and older renters now also look to the sector for a stable and secure home. There is also great variety in landlords. Some are large corporates with equally large portfolios. Others are individuals letting a property as an investment for the future. As the distribution of PRS properties across England varies, the sector can also look and feel different depending on location. The PRS must function well for all those who live and work within it.[footnote 31] [...] Annex A: Operation and Regulation of the Private Rented Sector [...] Private Rented Sector: Homes for rent that are owned and managed by private landlords.