The property crash has produced a generation of reluctant landlords but better quality accomodation for a growing number of renters in Belfast, a new report released today claims.

Online lettings site Citylets said in its quarterly report that Northern Ireland's boom-bust property market had sparked a major shake-up in the private rented home sector.

It also highlighted a gulf in rental costs across greater Belfast, with suburbs like Malone, Stranmillis, Rosetta and Windsor contrasting sharply with areas such as Woodvale and Blackstaff.

Citylets said the private rental sector generates an estimated £620m in receipts in Northern Ireland each year. Average monthly rents in the first quarter of 2010 stood at £544, down 6.2% on the same period last year.

However, the average time it takes a landlord to let a property has come down significantly over the year, which Citylets said suggests the over-supply problems seen in some areas might be resolving themselves. One-bed properties are now taking an average of 38 days to let, some 23 days less than a year ago.

Citylets managing director Thomas Ashdown, said: "Northern Ireland's property market rollercoaster has contributed to a seismic shift in people's attitude to private renting. As the number of properties sold plunged, estate agents have been shifting emphasis from selling houses to managing lettings in response to the growing number of properties and tenants available."

The report shows the downturn in rental values was not the same for all properties and varied according to size.

Average rents for one-bed properties fell by 4.4% in the year, to £455, while rents for two-bed properties fell 5.2% to £510. Rental costs for three-bed properties fell by 8% to £521.