Housing policies in many countries have become more market orientated as the role of governments has shifted from the direct supply and funding of non-market housing towards the role of a regulator and facilitator. Central to this development is the notion that providers of social housing have to become more competitive. Arguably, these social housing changes have important implications for the relationship between social and market rented housing and thus the rental market as a whole. Conceptual frameworks that facilitate the understanding of this relationship are sparse commodities. This paper seeks to develop a theoretical framework that can be used to shed light on the conditions, processes, and effects of the new relation between the two rental tenures from an economic competition viewpoint. Therefore, this paper adapts the structure-conduct-performance paradigm to rented housing and discusses the framework’s applicability and value on a theoretical level.