Rents increased by 0.6% in May, accelerating from zero monthly change in April, according to the latest Buy-to-Let Index from LSL Property Services, which owns the UK’s largest lettings agent network, including national chains Your Move and Reeds Rains.

Despite this, annual increases remain gradual. The average residential rent across England and Wales is now only 1.1% higher than in May 2013. This compares to inflation of 1.5% over the same period, as measured by the consumer prices index (CPI).

Rents have now been rising moreslowly than inflation for the twelfth successive month in a row, since annual rent rises first dropped beneath the rate of CPI inflation in June 2013.

In absolute terms, the average rent in England and Wales has risen by £8 in the last twelve months, currently standing at £745 per month, compared to £737 in May 2013.

David Brown, commercial director of LSL Property Services, comments: “Private renting is becoming cheaper in real terms. May’s latest sub-inflation rent rises will help over 9m tenants. To put that in context, this is more than a hundred times as many households as have benefitted from Help to Buy in its initial stages so far.

“The greatest risk to today’s below-inflation rent rises is that political posturing could deter some landlords from the market. Rather than conjuring up a storm, politicians should be working constructively to ensurethere are even more homes available to let.”