Asking price rents edged down by 0.6% in February, according to LSL.
Rents have fallen slightly since November, after rises for nine months in a row.
The average monthly rent in England and Wales is £707, according to LSL, parent company of Your Move and Reeds Rains.
Tenants are paying on average 3.5%, or £24, a month more now compared to the same period last year.
In London, rents are up 5.6% on a year ago.
Rent arrears dropped in February with 9.3% of all rent late or unpaid at the end of the month – a drop from 10.7% in January.
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