Rent prices have started to cool down this summer. Cities with the most significant decreases include San Diego, Tallahassee, and even Miami.
While Tallahassee had the highest percentage price drop, San Diego's rent prices went down by the largest dollar amount, with an almost $200 decrease. However, the median rent in San Diego is still high, at $2,320 for June and up over 20% year over year. But in an expensive city like San Diego, any decrease in price may be advantageous for those looking to move there.
Thought Miami wasn't one of the top five cities, it also saw a hefty drop in median rent prices. The median price for a one-bedroom apartment decreased 5.9% in June, to $2,400 a month. However, Miami remains the fifth most expensive city in the U.S., according to Zumper. It's worth noting that despite the recent decreases, the overall cost of rent is still up year over year, even in the five cities with the biggest drops in June.
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