Rent Prices Could Finally Be Cooling -- But Not in These Cities After over a year of skyrocketing prices, recent data suggests that rent costs could finally be dropping.
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Following nearly a year of increasing rents and competitive housing markets, Realtor.com reported that the median rental price fell for the first time last month since November 2021. The average rent in the top 50 metropolitan areas dropped by only $10 from $1,781 in July to $1,771 in August, and the decline might signal "the return of seasonal slowdowns," the report noted.
Although the dip in median prices is welcome news for those who have been struggling to find affordable housing, the drop is minor, and housing costs are still well above what they were pre-pandemic.
"Affordability is still a very big challenge for renters," Realtor.com economist Jiayi Xu said in the article. "Inflation is still high, and renters are still feeling the stress of higher costs."'
Housing costs vary greatly by region, and although there's a slight slowdown across the board, several of America's busiest cities are still showing staggering rent prices.
According to Realtor.com, Chicago rent rose year-over-year by 25% in August, despite the nationwide median dip in rental prices. And the Windy City wasn't the only one that saw continued rent growth while other areas declined. Boston had the second highest year-over-year rent growth in August at 22.8%, followed by New York at 18.9%.