The proportion of privately rented homes has fallen below 20% of all tenure types for the first time in three years, despite the number of rental properties actually increasing.
Government housing data shows that 19.9% of dwellings in England were rental properties in the year to March 2018.
This was down from 20% in 2017, 20.4% in 2016 and 20.4% in 2015.
However, despite the proportion decreasing, the amount of rental properties still increased by 10,000 between March 2017 and March 2018, the Government figures show.
This is despite ongoing concerns about landlord exits amid extra Stamp Duty charges and the withdrawal of buy-to-let tax reliefs.
Meanwhile, the proportion of owner-occupied dwellings increased for the second year in a row, increasing by 226,000, and representing 62.8% of all stock.
The total property stock in England as of March 2018 was 24.2m.
Of this, 15.3m were owner-occupied, 4.8m private rented, 2.5m rented from housing associations and 1.6m rented from local authorities.