Interest rates have also fallen over this period with fixed rates down by as much as 1.00%.
Today there are 411 prime buy-to-let deals on the market at an average variable rate of 4.53% and fixed rate of 5.03%.
That is still down on a year ago when there were 459 at an average variable rate of 4.40% and fixed rate of 5.16%.
Three years ago there were just 191 products on the buy-to-let market with variable rates averaging 4.88% while five years ago the market had 2,265 buy-to-let deals available at an average variable rate of 6.23%.
Rachel Springall, spokeswoman for Business Moneyfacts, said: “As interest rates have fallen for buy-to-let deals, product availability and therefore choice has also dropped a staggering 82% in five years.
“Lenders withdrew many buy-to-let mortgage deals as they were seen as a significant area of risk during the credit crisis.
“Due to the larger deposits required for first-time buyers as well as the strict credit checks, many more people are opting to rent.
“This demand for rental properties has increased competition in the buy-to-let market, and the continuation of falling interest rates will be welcome news to prospective landlords.
“To date the competition has been focused around the price of a few products rather than a wide selection of products, which allow for other considerations, such as service and additional benefits.”
