As the nation continues to reluctantly ride the wave of inflation, Americans are finding that the price increases aren’t just affecting groceries and gas. Even the most core expenses are on the rise.
New data is showing a 17% increase in rental costs over last year in major American cities. What does that add up to? According to numbers from Realtor.com, the monthly median rent for the U.S. in March totaled $1,807.
"It really boils down to a lot of supply and demand issues," Brian Carberry, Senior Managing Editor of Rent.com, told KRLD. "There's just so many people on the market right now looking for a place to live."
The rental market in Pittsburgh has seen some extremely steep increases in certain neighborhoods. The average rent for a studio apartment in South Oakland sits at $1,725 per month, a 37% rise over last year. And both South Side and Southside Flats studio rentals are running about $1,572 per month, a whopping 110% increase over the last 12 months, according to numbers at Rent.com.
Additionally, the site shows that rents are up across the board citywide since April 2021, whether it be a studio, 1-bedroom, 2-bedroom, or 3-bedroom apartment.
However, while Carberry believes that rents will continue to climb, the rate of increase should slow.
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