Monthly rent costs in the U.S. dropped $4 in December, according to a recent Yardi Matrix Report on monthly rent.

Across the country, the average monthly rate for December was $1,210, according to data pulled from 124 markets. Year-to-year, rents saw an increase of 4 percent from December 2015.

Between September and December 2016, rents fell $10 on average. “Some of the drop can be attributed to normal seasonal factors, but it is clear that rents are in a period of deceleration after growing at high levels for the previous two years,” the report stated.

Specifically, multi-family rents fell .3 percent in December, a .1 percent decline from November. However, the decrease in rents was more lifestyle properties, which is defined as those who rent by choice. Lifestyle rents tend to be higher-end and those rents fell .4 percent. Renter-by-necessity properties only saw a decrease of .1 percent.

Yet, gains are still above the long-term 2.3 percent average, according to the report. Yardi Martix predicts a 3.9 percent increase this year in apartment rental costs.

Stabilized properties remained the same in occupancy rates at 95.7 percent, with lifestyle occupancy staying at 95.5 percent, and renter-by-necessity properties remaining at 95.7 percent. The report found that occupancy stayed about the same for the majority of 2016.

“With the economy creating jobs at a 2 million-per-year rate, and GDP growth showing strength, we expect no let up in apartment absorption,” the report stated. Yardi Matrix also predicted growth in the later half 2017, thanks to economic stimulus and an predicted decrease in new supply.