Median rents were down $22 from their July peak to $1,759 in September, according to a monthly report from Realtor.com. The figure is a 7.8 percent increase from a year ago, but the smallest year-over-year increase and its slowest annual pace of growth since June 2021.

The findings, which come from a Realtor.com analysis of rental listings on its site, mark the second month of prices declining in rental market. Danielle Hale, the site’s chief economist, said the sliding price levels are an early hint of the market’s turn away from its record surges.

“This return of more seasonal norms indicates that rental markets are charting a path back toward a more typical balance between supply and demand, compared to the previous year,” Hale said.

Hale attributed the declines to inflation, which has tightened renters’ budgets. Prices likely won’t return to more normal pre-pandemic levels for at least another year, she said, when the market starts to reflect the recent uptick in multifamily construction.

Despite the slowdown overall, a handful of major metropolitan areas saw double-digit annual rent increases last month. Chicago’s rents grew by 24 percent annually, Boston’s by 20 percent annually and New York prices rose 18 percent.

The report cited more workers returning to “downtown offices and lifestyles” for the bump in urban rents. New York City and Chicago are leading the way among major metro areas when it comes to office foot traffic, according to Placer.ai. The location data firm found September office visits in New York were up 31 percent compared to the same time last year and Chicago visits were up 26 percent. The national average was just over 11 percent.