Northern regions dominated the top spots with landlords in the North East achieving an average yield of 6.5%.
Following in third place was the South West with a yield of 6.4% and the East of England with 6.3%.
The overall average yield achieved by landlords in Q1 was 6.2%, an increase on Q4 where the average yield was 5.9%.
Paragon landlord customers however reported a higher than market average yield of 7.3%.
John Heron, director of Paragon Mortgages, said: “The rental yield figure is important for landlords as it gives a good indication of how well a property and in a wider sense a portfolio is performing.
“We have seen another interesting shift in the regions taking the top spots, with a more distinct North/South divide in Q1 with the North outperforming their Southern counterparts.
“Tenant demand continues to grow and fluctuate in certain areas of the country at different times. So I suspect we will continue to see movement in the yield table in the months to come.”