(WTAJ)– Rent has dropped in Pennsylvania in 2022, a new report shows.
After two years of steady increases, rental prices are starting to decrease.
A team of analysts found that in the second half of 2022, rental prices dropped by nearly 10% in some states. Even with that decline, though, the average price of a one-bedroom apartment is still up 22% since 2020.
Pennsylvania’s average rent reaches $985. That includes a 17% increase in the past year, but a -3% since this past summer.
Florida and Wyoming are the two states where rent has increased the most since 2020. Rental prices have increased by 37% in Florida and 34% in Wyoming in the last two years. Maine and Rhode Island are the states where rent has decreased the most over the previous six months. Rent has dropped 9% in Maine and 7% in Rhode Island since June.
