Rent declines witnessed across the board.

Rents are declining on both a monthly and an annual basis. According to the Zumper National Rent Index, October was the fourth straight month of flat or declining rates. The median one-bedroom rent declined 0.4% month-to-month, and two-bedrooms dropped 0.3%. Yearly, one-beds declined 1.5%, while two-beds slipped 1.2%.

Higher supply, slower job growth, and declining consumer sentiment are among the reasons renters are renewing, resulting in higher retention rates, according to the report.

Buffalo, N.Y., witnessed the highest year-over-year gain in rent, surpassing Newark, N.J., San Francisco, Milwaukee and Syracuse, N.Y. Meanwhile, Shreveport, La., and Knoxville, Tenn., each saw rent decline more than 16% annually.