This article analyses the interrelation of ethnicity, class and tenure in the gentrification trajectories that have taken place in England in the most recent intercensal period (2001-2011). It argues that the return of the Private Rented Sector has made possible the extension of social change to areas not favored by White British (majority ethnic) middle-class owner-occupiers. This has seen the inflow of White British private renters into White British working-class areas and the arrival of private renting Not White British middle classesprimarily migrantsin working-class areas with a significant proportion of Not White British individuals. There is thus an ethnic dimension to the geographical spread of buy-to-let gentrification and the movement toward property wealth re-concentration it feeds. The middle-class individuals entering gentrifying areas as private renters are however not classical gentrifiers as the closing of rent gaps starts with the supply of private rented units by property investors.