The index is put together by Your Move and Reeds Rains, the country's largest lettings network, and they say that despite the drop, rents are still around 2%, or £15, higher on average than they were a year ago.
The figures only cover residential rents for England and Wales and the fall is explained as a seasonal trend as landlords drop rents to attract tenants so they don't have empty properties over the cold winter months.
Buy to let investment performs well
A director of Your Move and Reeds Rains, David Newnes, said: “Rent income is steady with average gross yields now above their long-term 5% average which makes buy to let a good investment though careful attention to detail and necessary to get the best possible returns.”
He added that property prices are now more sustainable which is a 'good thing' for landlords.
New all-time record rents have been posted by landlords in the East Midlands - up 1.7%, the East of England as well as in London, which both saw rents increase by 0.4%.
However, five out of the 10 regions monitored recorded lower rents in November than a month previously with rents falling by 2.1% in the south-east, by 1.2% in the north-west and by 0.6% in the Northeast.
Gross rental yields on property steady
The index has also revealed the grass yield on a rental property is now standing at 5.1% in November for landlords in England and Wales. That's the same rate as recorded in October, but it's a 0.3% drop from the year previously.
Returns have also increased, taking into account price growth and voids as well as mortgage repayments and maintenance costs, the average has been 12.8% over the year to November.
That's up slightly from the 12.7% recorded for the year to October. In monetary terms, this equates to £21,512 with rent accounting for £8,305 and capital gains generating £13,207.
Rents to increase by 2% in 2015
Meanwhile the Royal Institution of Chartered Surveyors (RICS) is predicting that rents will increase by 2% in 2015 helped by changes to Stamp Duty, a lack of rental property and growing demand from tenants.
RICS says enquiries for renting property are beginning to pick up and are out stripping the supply of property to rent.
They say the strongest rises will be in the South West and the north-east of England with rents in London matching the national average increase.
