Rent prices could finally come down, but not in these cities

After nearly a year of rising 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 50 major metropolitan areas fell just $10, down from $1,781. in July to $1,771 in August, and the decline could signal “the return of seasonal slowdowns,” the report notes.

While the drop in median prices is good news for those struggling to find affordable housing, the drop is minor and housing costs are still much higher than they were before the pandemic.< /p>

“Affordability is always a very big challenge for renters,” said Jiayi Xu, an economist at Realtor.com, in the article. "Inflation is still high and tenants are still feeling the stress of higher costs."'

Related: "Where Does This Money Go?" : A look at New York's cutthroat housing market

Housing costs vary widely from region to region, and while there is a general slowdown, several of the busiest cities in the United States are still showing staggering rental prices.

According to Realtor.com, Chicago rents rose 25% in August year-over-year, despite the nationwide median rental price drop. And the Windy City wasn't alone in seeing continued rent growth as other neighborhoods declined. Boston posted the second strongest year-over-year rent growth in August, at 22.8%, followed by New York at 18.9%.

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