Rental costs are falling as increasing numbers of renters secure a mortgage to purchase their own home.
The cost of rent in England and Wales fell by 1% in December compared to the previous month, according to LSL Property Services, while annual rent growth (3.2%) has fallen to half the rate seen a year ago.
As may be expected, London remains the most expensive area for rent, after growth of 4% took the average monthly cost to £1,131 – almost £400 above the national average.
But the majority of regions registered a fall in rental costs from November to December, as competition between lenders for high loan-to-value mortgages has encouraged more first-time buyers back to the market.
Thousands of frustrated renters have spent years trapped by rising rental costs, which have prevented them from building the deposit levels required by risk-averse banks.
But schemes such as Help to Buy have helped them to secure a mortgage and make the decisive move to own their own property. In turn, this appears to be taking some of the steam out of an overheated rental market.
Rental arrears saw a noticeable rise in December, when almost 10% of all rental payments was late or unpaid. This represents a rise of almost 50% on November's figures.
David Newnes, the director of LSL Property Services, blamed the difficulties that tenants are experiencing on the disparity between rising housing costs and stagnant wages.
"The culprit is wages, which haven't kept pace with the rising cost of living for years," he said.
But he suggested that conditions could improve, for tenants and landlords alike, as the recovery continues.
"Early indications show wage expectations are starting to look up, and general inflation is under control again,” Mr Newnes said.
"If this can take hold, more prosperous tenants will make for a more prosperous private rented sector in 2014."
Banks are expected to continue making their buy-to-let offers more competitive, hoping to entice more people to look towards property as an investment opportunity.
But prospective landlords will note market conditions, and must establish whether rental charges are likely to be affordable in the current climate.
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