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. (Year-over-year rents are also up in all but a few statewide markets, Rent.com noted.)
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 (down 4.6%) and Massachusetts (4% lower). Of the cities examined by Rent.com, Cincinnati saw its rental market decline the most month over month at 6.8%.
Year over year, the statewide markets that decreased the most in September were:
- New York: -10%
- Wisconsin: -7.4%
- Minnesota: -0.9%
Those that increased the most, meanwhile, were:
- Florida: 25.5%
- Delaware 23.9%
- New Mexico: 21.2%
City by city, the markets that decreased the most year over year in September were:
- Milwaukee-Waukesha: -14.3%
- Minneapolis-St.Paul-Bloomington: -8.8%
- Baltimore-Columbia-Towson: -2.8%
And the biggest year-over-year increases were in:
- Oklahoma City: 24.1%
- Pittsburgh: 20%
- Indianapolis-Carmel-Anderson: 17.9%