Rightmove has predicted rents will rise by roughly 2%, less than half the average increase rate recorded in the previous three years. The trend appears to have been driven by landlords becoming more mindful of the pressure on tenants – only one in four of those surveyed said they intended to put up rents and of those only around a third planned to raise rents by more than 5%.

TBMC chief executive Andy Young said the slowdown was appropriate: “We have seen a significant increase in rent in the past few years due to supply and demand. Levels of rent have reached optimum levels and landlords need to be careful they are not out pricing tenants.”

However, buy to let remained a good investment, he added. “Anyone buying these days is looking for a medium to long-term investment. You are not looking to make a quick buck. Even if there is going to be a more staid increase in rental levels don’t forget that rental yields are still considerably higher than saving accounts in banks.”

More than a fifth of tenants spent at least half of their take-home pay on rent, while 59% would like to buy their own property but cannot afford to do so.

Rightmove director and housing market analyst Miles Shipside said: “Landlords appear to be becoming increasingly aware of the need to strike a balance between long-term security and short-term gains. They need to weigh up whether it is better to ‘stick’ and hold rents for a model tenant or ‘twist’ and chance a rise and run the risk of ending up with a less desirable occupant, or even a void.”

One in four landlords was an “accidental landlord” and 9% were actually tenants themselves, the study found.