This Pennsylvania City’s Rent Is Skyrocketing
The cost of housing can be jarring, especially in certain areas of the country. Unfortunately, one Pennsylvania city is on the naughty list of cities that has rent that is going up. Let’s get into the numbers and which Pennsylvania city’s rent is skyrocketing.
The new report comes from Rent.com, and it was released at the end of January. In it, they have some good news, stating that, “On a monthly basis, asking rents declined for the fourth consecutive time,” although they add that, “declines from November to December slowed by just -0.1 percent.” Also, “current asking rents decreased by 0.11 percent month-over-month, compared to -0.57 monthly percentage drop between October and November and a little over 2 percent between August and September.”
What does that amount to in dollars and cents? Well, rent prices peaked, according to Rent.com, in August of 2022 at $2,054. The current national median price for an apartment, they state, is $1,964. While that might not seem like a significant decline, any decrease in rent costs is a good thing. Specifically, December’s asking rent decreased by 0.1 percent from November, when prices were $1,967. “December is the third month in a row that median rent prices have dipped below $2,000,” the report states. So, it’s good news all around that rent and housing costs are coming down. That could be reflected in home prices, too.
This Pennsylvania City’s Rent Is Going Way Up
So, in which Pennsylvania city’s rent is skyrocketing? That city is Philadelphia, where rent has gone up 2.57% over the same time last year. As bad as that is, is could be way worse. The US city with the highest rent increase over the past 12 months is Providence, Rhode Island, at +21.55%. Wow. That’s a massive increase. The city where rent has decreased the most over the past year is Salt Lake City, Utah, at −20.75%. Find the full list here. By the way, Pittsburgh is also on this list, with rent going up −0.03%, so basically staying the same. Also, the state with the lowest rent in the US, according to Forbes, is North Dakota at $880 per month. The highest is Hawaii at $2,418.
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