- The national average rent went up by 3.2% in the past year and 0.1% month-over-month, reaching $1,476 in October, according to data from Yardi Matrix.
- Easton, PA renters saw the highest monthly rent increase in October, with the average rate reaching $1,312 per month.
- Philadphia apartments are the most expensive, while apartments in Greensburg have the cheapest rents.
The national average rent reaches $1,476 per month in October, up by 0.1%
A sluggish fall rental season has the average national rent at $1,476, following a 3.2% ($46) annual increase. Typical for this time of the year, fewer people are moving into new apartments. The national average rent inched up just 0.1% ($1) in October, with apartment rates essentially flat for the past few months.
Renting in and around Pittsburgh
The average rent in the Pittsburgh area is lower than the national average rent. The fastest growing rents in October were in Bethel Park, where rental apartment prices increased by 0.6% month-over-month, or $6. Allison Park apartments saw the second highest monthly increase, jumping by 0.5%, making them $5 more expensive than last month and reaching an average monthly rent of $1,044. In Greensburg and in Pittsburgh rents decreased by 1.7% and 0.1% ($13 and $1, respectively). Cranberry Township has the highest average rent in the area at $1,263, while Greensburg has the lowest, $750.
Renting in and around Philadelphia
The average rent in the Philadelphia area is generally lower than the national average rent. The fastest growing rents in October were in Levittown, where rental apartment prices increased by 1.3% month-over-month, making them $16 more expensive per month. Horsham apartment prices, meanwhile, decreased by 3.2% ($40) compared to September.
Philadelphia apartments are the state’s and the area’s most expensive for renters, with an average rent of $1,652, followed by apartments in King of Prussia, where the average monthly rent is $1,617. On the other hand, the cheapest city to rent an apartment of the cities analyzed is Upper Darby, with an average apartment rent of $909.
To compare the rental market in Pennsylvania with other cities in the U.S., you can also check our national October rent report.
RENTCafe.com is a nationwide apartment search website that enables renters to easily find apartments and houses for rent throughout the United States.
The data on average rents included in our reports comes directly from competitively-rented (market-rate) large-scale multifamily properties (50+ units in size), via telephone survey. The data is compiled and reported by our sister company Yardi Matrix, a business development and asset management tool for brokers, sponsors, banks and equity sources underwriting investments in the multifamily, office, industrial and self-storage sectors. Fully-affordable properties are not included in the survey and are not reported in rental rate averages. Local rent reports include only cities with a statistically-relevant stock of large-scale multifamily properties of 50+ units.
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