Rents have fallen dramatically in the third quarter of the year, according to the latest figures from the Royal Institute of Chartered Surveyors (Rics). The group says that the cost of renting a home has dropped as would-be-sellers flood the rental market with unsellable properties.Research by the organisation found that 50 per cent and 68 per cent more surveyors reported a rise than a fall in new instructions to let flats and houses respectively. Many of these are from vendors who are struggling to sell their own property but need to move.Rics spokesman James Scott-Lee said: "The lettings sector has witnessed a boom in 2008 as sales in the housing market continued to slow. "Many have been able to take advantage of rising rents to secure good returns. "However, the market place has become more and more competitive as many vendors have been forced to become amateur landlords, creating an inevitable downward pressure on rents where supply has matched demand."He added, however, that those who invest in the "right product for the right market place" in 2009 could enjoy increased yields.