Buy To Let Updated:
The average amount tenants are expected to part with increased to £720 a month, a rise of 0.2% - the lowest monthly increase since February, figures from LSL Property Services show.
Annual rental inflation also slowed to 4.1%, a decline from 4.3% in September.
But despite the slower pace of increase, rents have now risen for nine consecutive months, and stand at a new record high.
On a monthly basis, rents increased the fastest in the South East and the East of England, where they rose by 1.5% and 0.8% respectively compared to September.
Rents fell in three regions on a monthly basis, dropping by 1.4% in the North East and the South West, and by 0.8% in Wales .
Over the course of the last year, London's rents have risen faster than any other region.
However, the monthly rate of increase slowed in London, with rents increasing to £1,030 a month, just a 0.1% rise compared to September.
As a result, London's annual increase also slowed in October, falling to 5.7% from 5.8% the previous month.
The next biggest annual increases were in the West Midlands and the South East where rents rose 4.6% and 4.4% respectively. "Rents are still heading northwards, but tenants may take comfort from the fact they did not climb at such a blistering pace in October," David Brown, commercial director of LSL Property Services, commented.
"The recent increases are likely to continue to level out in the run up to Christmas - traditionally a slower time for the market.
"Nevertheless, despite the slower rate of increase, the cost of renting is still rising annually at nearly twice the speed of the average salary and many tenants will need to dedicate a growing portion of their disposable income to the cost of accommodation over the next year."
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