The figure, equivalent to £26,400 per property, was calculated on the assumption that rents rise at the same rate as they have over the past three months.
The latest Buy-to-Let Index from LSL shows that landlords earned an average annual return of 9.7%, or over £16,000, over the past year to February.
Average rents across England and Wales rose by 1.6% in the year to February, currently standing at £743. This is the fastest annual increase since November 2013.
David Brown, commercial director of LSL Property Services, said: “Rents are rising steadily, while property values are growing at a healthy pace. Moreover the cost of finance is at a record low.
“Looking ahead, the private rented sector is set to enjoy both solid demand from tenants and the benefits of a new lease of life for the property market as a whole.”
Average rents climbed by approximately £1 between January and February alone.
In Yorkshire and the Humber and the West Midlands however they rose by a more significant 1.2% monthly.
On an annual basis in the South West rents rose by 4.7% from February 2013 while contrastingly in the East of England they decreased by 3.1%.
Brown added: “Property to rent remains in high demand. Despite great improvements in the prospects of many first-time buyers, there are still millions of households who rely on a healthy private rented sector for their homes.
“Those looking to rent, or to let a property should look into the intricacies of their local market, which can have at least as much bearing on the level of rent as the property itself.”