National median rent prices month over month fell 2.5% overall, though rents still remained 8.8% higher in September than they were the same time a year earlier.
More than 60% of statewide markets measured by Rent.com saw rents drop in September compared to August — another sign of prices cooling down after soaring to dizzying highs earlier this year, according to a new analysis from the company.
What’s more, national median rent prices month over month fell 2.5% overall, though rents still remained 8.8% higher in September than they were the same time a year earlier. Still, “it’s the first time year-over-year changes dipped into the single digits since September 2021 and the lowest year-over-year increase since October 2021,” the Rent.com analysis said. “Rents peaked during that time at a 17.5 percent increase in March 2022.”
Out of the state-level markets included in the analysis, New York experienced the biggest month-over-month dip in rents in September at 17%, according to Rent.com, followed by Illinois and Massachusetts . Of the cities examined by Rent.com, Cincinnati saw its rental market decline the most month over month at 6.8%.
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