The Renters Reform Bill is being watched closely by a lot of interested parties.  For the potential impact of this radical change, see Fundamental reform of residential tenancies - how this could work in practice for Estates and Private Clients, Kevin Kennedy (burges-salmon.com). 

Its progress is now subject to Parliamentary procedure.  In order to progress, it needs to have a second reading in Parliament, and that needs to take place this year if it is realistically to be enacted before the general election, which will itself probably be at some time in late 2024.   But there is very little Parliamentary time available.  If the second reading doesn't happen this year, then the Parliamentary route for this Bill becomes more complicated.  

Policies have been chopping and changing as the government re-positions itself - examples of this include the deferrals and delays to nutrient neutrality rules and Biodiversity Net Gain requirements (see Heavy political weather, Kevin Kennedy (burges-salmon.com) for thoughts on the impact of those changes on the emerging natural capital market).  Fed by that, there is no doubt nervousness on the part of supporters of fundamental residential tenancy reform that these could be delayed, or de-fanged.  

This is playing out in the court of public opinion with housing charities putting pressure on the government to proceed with the Renters Reform Bill.  The government is still saying that it will, but it feels like many are reading an implicit "for the moment…" into that confirmation. 

A potential wild card is that this falls under Michael Gove's purview, and he has a well-established reputation as a radical thinker and actor in government, so either a real push to enact these reforms, or a dramatic shift away from them is by no means beyond possibility.