Pennsylvania rents under $1,000 are disappearing
Add Axios as your preferred source to
see more of our stories on Google.
Cheap rents are becoming ever more scarce throughout Pennsylvania while luxury rentals multiply.
Why it matters: Homebuying is out of reach for many due to steep prices and high mortgage rates, but renting isn't a much more affordable option.
🧮 By the numbers: Over the past decade, Pennsylvania has seen rentals priced under $1,000 drop by roughly 21%, per an analysis from Harvard Joint Center for Housing Studies.
- That's a loss of nearly 225,000 affordable rentals.
Meanwhile, a building surge of upscale apartments has nearly doubled the number of units costing at least $2,000 a month.
State of play: The average monthly rent in the Commonwealth was nearly $1,800 in June, per Rent Cafe.
- At least that's better than in Philly, where average rents now hover around $2,000 a month.
- Nearly 1-in-3 households in the Philly region are cost burdened, meaning they spend more than the recommended 30% of their income on housing and utilities.
Reality check: The surge in high-end apartments can still benefit lower-income renters, the researchers noted.
- Areas with lots of new construction over the past few years saw rent increases slow or outright decline.
- And when higher earners move up, older, cheaper units may become available.