Rent fell for the first time this year in September, but still have increased for 2022 compared to 2021.

Median monthly rent declined 2.48% in September to about $2,002, which is still an 8.8% increase over last year median of $1,840.

According to Rent.com, these 10 cities experienced the biggest month-over-month decrease in September:

  1. Cincinnati: -6.8%
  2. Columbus, Ohio: -5.7%
  3. Los Angeles: -3.6%
  4. San Antonio: -3.3%
  5. San Francisco-Oakland, Calif.: -2.8%
  6. Indianapolis: -2.6%
  7. Raleigh, N.C.: -2.5%
  8. Philadelphia: -2.4%
  9. Birmingham, Ala.: -2.3%
  10. New Orleans: -2.3%

The latest numbers come after double-digit growths in rent in several of the above markets last year. In Cincinnati, where rents fell 6.82% in September, rent prices have also risen by nearly 16.5% year-over-year.

High prices for homes have prompted more people to rent and made homeowners less likely to sell, Rent.com reported. Nearly 85% of homeowners with mortgage interest rates below 5% are holding on to their properties, Redfin reported.

The average monthly mortgage payment has risen by nearly 42% this year compared to last year.