Study shows slight dip in Pa. rent prices since June, larger increase since 2020
The average rent price of a one-bedroom apartment in Pennsylvania is down by a small percentage since June, despite a near 20% increase since 2020, according to a recent study.
The study conducted by QuoteWizard, which can be found at https://quotewizard.com/renters-insurance/average-cost-of-renters-insurance#changes, showed that the average price of a one-bedroom apartment in Pennsylvania is currently $985, which is a whopping 17% increase since 2020.
However, compared to June of this year, the average rent price for a one-bedroom apartment in the state has dropped by 2%.
Compared to January, the average rent price for a one-bedroom apartment in the state is up by 3%.
“That lines up,” said local landlord Shaun Brown about the 17% increase. He said he has seen the cost of rent jump significantly since the start of the pandemic.
He didn’t provide comment on the fluctuations of the statewide averages from the past year.
Brown possesses 30 properties, equating to 56 units, primarily in Butler City. He said the average price of a one-bedroom in the area is considerably lower than the state average, settling between $675 and $700 a month.
He said cost depends largely on the size of the unit and its amenities.
According to Brown, the pandemic presented challenges for landlords, as well as tenants. With most unable to work in the thick of the trouble, evicting tenants for being unable to make rent wasn’t an option.
“There were still mortgages and upkeep required for the buildings,” Brown said. “If landlords weren’t in a good position at the start, it just made the struggle worse.”
Brown said he was fortunate that most of the pandemic challenges have abated for him personally.
Nationally, rent has risen the most in Florida and Wyoming since 2020, with prices increasing by 37% in Florida and 34% in Wyoming in the last two years.
Over the past six months, rent in Maine and Rhode Island decreased the most in comparison to other states, falling by 9% and 7%, respectively, since June.