The cost of rent increased by 0.1% between April and May and that number is thought to have grown again since.
The figures come from LSL Property Services, who found that the average tenant pays £737 a month in rent, making it the third highest average on record.
The cost of rent differed greatly according to location. In London tenants faced rises of 7.2% in the last year, while in the north of England it was just 4%.
In Wales rent has increased by 5.2%, while in South West England there has been no change at all.
A surge of activity in the housing market has prevented any further increases in rent, the LSL has said. According to figures published last week by the Council of Mortgage Lenders (CML), UK mortgage lending has leapt to its highest level in six years.
In May mortgage lending increased by 21% from April, thought to be helped by government schemes to encourage house buying.
“Looking further ahead, sustaining the increase in new buyers will depend on how many tenants are able to build big enough deposits to get a mortgage,” said David Newnes, director of LSL, which owns lettings agents Your Move and Reeds Rains.
Deposits are becoming less affordable due that fact that inflation is increasing faster than wages and house prices.
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