Start celebrating, Pitt! Rent rates are on a downward slope
In 2017, Pittsburgh experienced the fourth-largest decrease in rent in the nation
Paying rent in Pittsburgh can really suck, with the high prices, few parking options and bathrooms the size of cardboard boxes. According to the Madison, Wisconsin-based rental database, rent prices are going to be a bit more managable in 2018. In 2017, Pittsburgh's average median rent decreased by 1.67 percent for one-bedroom units and 1.3 percent for two-bedroom units. By the end of the year, median rents for one-bedroom units were $1,033, and $1,283 for two-bedrooms.
There's been quite a bit of construction of new apartments in the Oakland area, and while it is luxury apartments that are being built, the increase in units has actually cause a decrease in rates. In simpler terms, because there will be more apartments available for renting, there will be no need for increased rent prices.
An economist with the University of Pittsburgh's Center for Social and Urban Research claimed that the increase in available units might even cause rent to be lowered in older apartments as well. For once, the never-ending construction site that is Pittsburgh is actually a pretty good thing!
For panthers who are currently looking for apartments to call home next year, let this information be a beacon of hope in your search. Make sure you nab your next place for an awesome price!