Rents in the capital were 1% lower than the same point a year ago and 0.5% down on January.
In London the average rent is £1,286 a month, which Your Move suggests is so high many are flooding out of the city to the outskirts.
The South East and East saw annual rental growth of 3.4% and 5.6%, and rents in Wales are rising faster than any other region.
In Wales tenants paid 7.7% more in February 2017 than the same month last year, although it still remains one of the cheapest places to rent at £593 a month.
Valerie Bannister, lettings director at Your Move, said: “The dramatic rent increases in London have now slowed as people look outside the capital in order to meet their housing aspirations.
“Areas in the South East and East of England have traditionally offered much better value than the capital and this has tempted many Londoners to look further afield for rental properties.
“Renters in London could be reaching the limits of their affordability as prices dropped back 1% in the last year. This will be one to watch as the year progresses.
“Away from the capital, Wales saw the strongest outright performance. Rents across Wales increased by 7.7% in the last year, more than anywhere else in the UK.”
The best rental yields can be found in the North East (5.3%), North West (5.0% and Wales (4.8%).
The worst are in London (3.2%), South East (3.4%) and South West (3.4%).