Rent prices keep going up across western Pennsylvania

WASHINGTON, Pa. (KDKA) — Hire costs preserve going up throughout western Pennsylvania, and an area realtor stated it may very well be a while earlier than the numbers drop. 

Washington County is without doubt one of the counties seeing a spike in lease costs, nevertheless it’s not the one one.

“Rents have elevated fairly dramatically, particularly during the last couple of years out right here,” Century 21 Realty realtor Brian Benton stated. 

He works in Washington County, however he additionally serves a few of Allegheny and Westmoreland counties.

“It is pretty equal when it comes to the quantities going up from what I am seeing,” stated Benton.

In response to the Washington Publish, Washington County noticed lease go up 7.7 p.c since 2019, an even bigger improve than in Allegheny County. Nevertheless, Westmoreland County is seeing the very best bump among the many three counties.

Benton blames the spike in lease on just a few components.

“As a result of there’s extra value to purchase, renovate and preserve, they will go these prices right down to the renters,” he stated.

The newest numbers from actual property group Redfin present the common value of a rental within the Pittsburgh area in April was near $1,900 a month. The common value was near $1,600 in April of final 12 months and $20 cheaper than in December 2020. 

Redfin’s chief economist, Daryl Fairweather, stated that is on par with rental value hikes throughout the nation.

“In Pittsburgh, rents are up about 15.5 p.c. So, that is about on par with the entire complete nation. It looks like Pittsburgh is correct there within the center,” Fairweather stated.

What can individuals do if they don’t seem to be prepared to purchase?

“I’d say in the event you might maintain off just a few extra months, I believe we are going to begin to see these costs go down,” Benton stated.

Benton stated the aggressive housing market has elevated the demand for leases. Nevertheless, he pressured that we must always begin to see the housing market quiet down as rates of interest go up and begin to see rental costs drop later this 12 months or originally of 2023.