The number of tenants in rent arrears fell from September to October and is just 0.3% above the all-time low.

The Quarterly Tenant Arrears Tracker report carried out by Your Move and Reeds Rains showed that just 6.9% of tenants were in arrears on their rent in October. The figure was 7.3% the previous month, and 7.1% at the same time last year.

These figures mean that and there was £12m less in unpaid rent in October (£244m late) than there was in September (£256m late).

The number of people in serious rent arrears has also fallen. Tenants who are more than two months behind on their rent has dropped from 1.6% of all tenancies in Q3 2013 to 1.4% in the same period this year.

David Newnes, director of Reeds Rains, said: “Tenants have battled a broadly stagnant jobs market for years. Recent progress on the unemployment rate has helped bring down the most serious cases of rent arrears.

“But for others consistently falling just a little behind on the rent, the trouble is more with incomes that just haven’t kept pace with the cost of living.

“Instead of wage growth, a growing supply of homes to let and much slower rent rises have been far more useful in tackling the proportion of households falling behind. Looking ahead, if more homes to rent can coincide with a true renewal of real wages, this could prove a powerful combination – and would take rent arrears even lower.”