This is the seventh consecutive quarter that yields have increased and reflects the imbalance between rental demand and supply which is continuing to push rents higher according to RICS.
Nearly a fifth of surveyors reported rents rose rather than fell but the pace of growth was more moderate than earlier in the year.
They said a lack of mortgage finance was the main reason for the large numbers turning to the rental market.
Fears over the economy also played a part with renting seen as a safer option than purchasing property in the current economic climate.
Supply of rental property to the market remained unable to keep up with tenant demand but new landlord instructions did increase in the three month period to October rising to a net balance of +10%.
James Scott-Lee, spokesman at RICS, said: “The disappointing economic message communicated by the Chancellor in his Autumn Statement and the prospect of further job losses in some sectors and areas over those previously envisaged is likely to continue to underpin the residential lettings market in the near term.
“Indeed, despite a measure of resistance to rising rent levels from tenants, in some parts of the country the imbalance between demand and supply for rented property suggests that for the foreseeable future landlords will have a good if not increasing return on their investments in comparison with other main stream options.”
