Average rents increased by 2.38 per cent to £775 a month in Q1 compared to the same time last year, figures from the Deposit Protection Service reveal.

However, there was barely any change from the previous quarter as rents increased by just £2 a month compared to Q4 2019.

London remains the most expensive place in the UK to rent at an average of £1,345 a month or 42 per cent of typical wages, unchanged from the final quarter of last year.

The North East is the cheapest place to rent at an average of £517 a month, also almost unchanged from Q4 2019.

Scotland saw the sharpest quarterly increase in rents, which rose by 4.9 per cent to £642 a month.

Northern Ireland saw the steepest quarterly reduction in rents, down by 4.93 per cent to £521.

However, the DPS points out that the future path of rents is highly uncertain as the figures pre-date the lockdown.

It remains to be seen what impact the postponement of evictions will have on the rental market.

DPS managing director Matt Trevett says: “Despite the stability of the rental market over the past 12-18 months, it is likely we will see a very different pattern in Q2 2020 owing to the impact of coronavirus on landlords, letting agents and tenants although it is difficult to predict the long-term effect this will have on the industry.

“For example, some landlords are asking for advice on how to make a claim against a deposit if a tenant leaves without giving notice or how to perform check-in and check-out reports during the lockdown.  

“Whether you are a tenant with sudden financial difficulties or a landlord facing changes to your income, we encourage you to communicate with one another as often as possible during this challenging time.”

Buy-to-let lender Zephyr Homeloans is part of the Computershare group alongside DPS.

Its managing director Paul Fryers says: “Under the mortgage payment holiday scheme announced by the chancellor on 17 March, eligible buy-to-let landlords may apply to defer their loan payments if they cannot make their mortgage obligations because their tenant is unable to pay rent as a result of coronavirus, causing financial hardship. 

“Ongoing communication between landlord and lender is key to understanding each other’s situations, and it is crucial that landlords, especially those with large portfolios, contact us so we can talk through the most appropriate solutions.”