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.

By Madeline Garfinkle

entrepreneur daily

Opinions expressed by Entrepreneur contributors are their own.

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."'

Related: 'Where Does That Money Go?': A Look Inside New York City's Ruthless Housing Market

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%.

Madeline Garfinkle

News Writer

Madeline Garfinkle is a News Writer at Entrepreneur.com. She is a graduate from Syracuse University, and received an MFA from Columbia University. 

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Related Topics

Business News

A Billion Dollar Startup Is Trying To Resurrect A Woolly Mammoth — And You Can Watch It Happen

Filmmakers will go behind the scenes of billion-dollar startup Colossal Biosciences, which uses genetic engineering for de-extinction projects.

Growing a Business

The Owners of This Texas Farmers Market Took a Big Gamble. Here's How It Paid Off Bigger Than They Dreamed.

A Texas farmers market educates customers about the importance of shopping local for a healthy lifestyle and an even healthier small business community.

Business News

A 29-Year-Old CEO Quit Microsoft To Build His Startup — And Just Scored A Deal on Shark Tank

Aabesh De tapped into a niche need during the pandemic and founded Flora, a houseplant care startup.

Business Ideas

55 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Employee Experience & Recruiting

Avoid Costly Hiring Mistakes With These Five Essential Tips

From using an AI-powered video platform to posting more precise job listings, these strategies will help hiring managers spend less time, energy and money finding the right candidates.