Figures from LSL Property Services show that tenant arrears have dropped from 11.2% at the start of the year.
A total of £227.3m of rent was unpaid in March, compared to a peak of £361m in August 2008.
The average rent in the UK rose 0.1% in March to £659 a month, and up 4% from the same time last year.
Yields on buy-to-let property dropped slightly to 4.7% from 4.8% in February.
The total return from a buy-to-let investment hit 13.3%, making an average total return of £20,580 in the past year.
Total returns have now been rising for 13 months in a row.
LSL Property Services calculates that a landlord investing today can expect to make an annual return of 10.7% over the next year, equivalent to £17,964 return.
David Brown, commercial director at LSL Property Services, says: “The improved situation with tenant arrears has meant that although house prices have risen, when void periods and arrears are considered the effective yields landlords receive on property investment have actually picked up in the past month in real terms.”