Rents for new lets have increased by 6.6% in the year to April, but this is the slowest annual rise for two-and-a-half years, according to Zoopla.
The property portal said the average rent on a new let had risen by £80 a month compared with a year earlier.
Although demand had eased, there were still 15 people on average chasing every home for rent.
Before the pandemic, the average was six people, Zoopla said.
“Rents continue to grow faster than average earnings although the gap is much narrower than a year ago,” said Richard Donnell, executive director at Zoopla.
The increase in rents is at its lowest rate since October 2021, he said.
The average monthly rent for a new let in the UK was £1,226 in April, according to this data.
Zoopla has predicted that the sector is likely to see a continued slowdown in rental price growth to 5% in 2024.
This would be the result of further easing in demand from tenants, rather than landlords being able to make more properties available to let, it said.
Zoopla covers about 80% of the rental sector.
Rents for new lets have risen sharply over the last two years, for a host of reasons.
They include demand rising from students, but primarily because supply has not matched demand. Landlords have faced rising costs and some have sold up.
Lettings agents have reported that high demand has led to properties being listed and let far quicker than before the pandemic.