New data from the Tenancy Deposit Scheme shows that at the end of March 2016 there were a total of 3.426m deposits protected across England and Wales.
This is an increase of some 360,000 over the year.
The total value of the deposits being protected now amounts to no less than £3.567 billion an increase of £379m over the year.
The average value of deposits protected remains statis at £1,041 - this compares to £979 four years ago.
“These figures demonstrate the continuing growth of the private rented sector, which is now larger than the social housing sector in England and Wales. The huge number of deposits being paid by tenants at a value of some £3.5 billion demonstrates the need for tenancy deposit schemes to ensure that deposits are protected for tenants” explains
Steve Harriott chief executive of the Tenancy Deposit Scheme and the new TDS custodial scheme.