(WTAJ)– Rent has dropped in Pennsylvania in the second half of 2022, a new report from QuoteWizard 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. The average price of a one-bedroom apartment is still up 22% since 2020, though.
Pennsylvania’s average rent for a one-bedroom apartment is $985, the report found. That includes a 17% increase since 2020, but a 2% decrease since this past summer.
Rent has increased the most since 2020 in Florida and Wyoming, according to the report. Rental prices have increased by 37% in Florida and 34% in Wyoming in the last two years.
Rent has decreased the most over the previous six months in Maine and Rhode Island. Rent has dropped 9% in Maine and 7% in Rhode Island since June, according to the report.