Local Rent Reports Pennsylvania Real Estate News

Pennsylvania Rent Report – July 2019

  • The national average rent reached $1,469 in July, up by 3.4% ($48) year-over-year, and 0.2% ($3) month-over-month, according to data from Yardi Matrix.
  • Wilkes-Barre, PA renters saw the highest monthly rent increase in July, reaching $1,048 per month. 
  • King of Prussia apartments are the most expensive among the state’s largest cities, while apartments in Greensburg have the cheapest rents. 

The national average rent inches up another $3 in July, reaching $1,469 per month

Nationally, the average rent went up by 3.4% year-over-year, reaching $1,469 in July. Overall, renters had to pay $48 more than they did at the same time last year, according to the latest rent survey from Yardi Matrix. However, July also displayed the slowest month-over-month increase since February, which at 0.2% is a clear signal that peak rental season is nearing its end. The trend is in line with last year’s data – once the busy late spring to early summer period winds down, rents are expected to slow their growth throughout the rest of the year.

Renting in and around Pittsburgh

The average rent in the Pittsburgh area is lower than the national average rent. The fastest growing rents in July were in Cranberry Township where rental apartment prices increased by 0.8% month-over-month, $10 more per month, which is also the city with the highest rent, $1,297. Pittsburgh, Whitehall, and Bethel Park apartments saw the second highest monthly increase, jumping by 0.3%, $4, $4 and $3 respectively, more expensive than last month. On the other hand, in Greensburg prices decreased by 0.4% ($3) compared to June, having the smallest rent in the area of $740.

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 July were in Levittown and Upper Darby where rental apartment prices increased by 0.6% month-over-month, $7 and $5 respectively more per month. Horsham apartment prices decreased by 1.8% ($23) compared to June.

King of Prussia apartments are the state’s and the area’s most expensive for renters, with an average rent of $1,669, followed by apartments in Philadelphia, where the average monthly rent is $1,624. On the other hand, the cheapest city to rent an apartment of the cities analyzed is Upper Darby, with an average apartment rent of $892.

To compare the rental market in Pennsylvania with other cities in the U.S., you can also check our national July rent report.

Methodology

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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About the author

Sanziana Bona

Sanziana Bona is a creative writer and researcher for RENTCafé, with a strong passion for the dynamic real estate market, covering topics from lifestyle to market trends. She has a B.A. in International Relations and Spanish from Michigan State University, a LL.M. in International Business Law, Contracting and International Relations from Instituto Superior de Derecho y Economía. You can connect with Sanziana via email.

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