In London, rental prices are 0.5% down compared to a year ago, with the average rental property standing at £1,271 per calendar month, according to the Your Move Rental Tracker.
While the capital remains the most expensive place to rent in England and Wales, recent price increases appear to have reached a plateau.
Across all regions, the average seasonally adjusted monthly rent now stands at £861. On a non-seasonally adjusted basis, the average property lets for £830 per month.
Rents rose faster in the East Midlands and the South West than anywhere else in England and Wales during the last 12 months. Average prices in the two regions rose by 3% in the year to May. Prices in the South West stand at £682 while in the East Midlands that figure is £656.
The East of England saw a growth of 2% in the last 12 months, with the average price at £890.
Wales and the North East also saw rents fall in the last year, down 1.9% and 1.6% respectively compared to a year ago, where the average prices stand at £588 and £535 respectively.
Number of tenants declines
The report from Your Move showed there was a small decline in the number of tenants in financial difficulty this month.
Some 9.1% of all tenancies were behind with their payments this month. This is lower than the 9.2% found in May and the 9.4% recorded in April.
Martyn Alderton, national lettings director at Your Move, said: “While the property market in London has cooled, the strong performance in other areas means landlords across England and Wales are enjoying good returns. Northern regions offer the highest percentage returns. The South West of England is home to the fastest rising rents as tenant demand continues.”
“As a result demand for rental properties is high which is contributing to rent increases. Areas around Filton, for example, have had a huge impact on average rental prices recently due to the Super Hospital being built, which covers the whole of the Bristol area, there is a high demand for rental properties there and in the surrounding areas.”