Rents for newly let homes in the UK have risen by an average of £270 per month since the pandemic, or more than £3,000 a year, according to Zoopla.
This marks a 27% increase, outpacing the 19% rise in average wages over the same period.
Demand for rental properties remains nearly a third higher than pre-pandemic levels, but the pace of rent increases is now the slowest in three years as affordability pressures limit tenants' options, the report said.
Despite signs of cooling, rents are rising fastest in lower-cost areas, hitting low-income renters and students hardest.
Zoopla predicts rents will rise by an average of 4% next year, driven by strong demand and a shrinking supply of rental properties as landlords exit the market.