Its survey showed that just 13% of surveyors reported increases in rental values, compared with 21% in the previous quarter.
Demand for rented accommodation remained relatively strong with 19% more landlords reporting rises rather than falls in interest from prospective tenants.
However, RICS said that the rush of first-time buyers looking to beat the expiry of the Stamp Duty holiday this month has slowed the pace of rental growth.
Michael Newey, RICS spokesperson, said: “With many potential first-time buyers having been forced into rented accommodation due to problems with obtaining affordable mortgage finance, rental prices have grown quickly across much of the country in recent times.
“However, it seems that tenants may be becoming less willing to meet increasing rental values.
“While still growing, demand from potential tenants is also beginning to slow. With a recent upturn in buyers entering the sales market prior to the expiry of the Stamp Duty holiday, it seems that those who are in a position to get a foot on the property ladder may have chosen now to do so.”
According to RICS data, an increased number of landlords are looking to sell at the end of a tenancy agreement with rental growth beginning to slow and the recent upturn seen in prospective buyers of property.
It found that 4% of landlords chose to place their property on the sales market in the three months to January, up from 2.6% in Q3 2011.
Looking ahead, chartered surveyors said they expect growth in rental values to continue to slow, with 14% of respondents predicting rises rather than falls in prices.
