Cost of Renting In Pittsburgh

Are you not certain of your long term plans? Maybe you are between jobs or just starting a business? Well it probably makes sense to avoid any long term commitments to real estate at this time. This means you will be renting in Pittsburgh.

Over the years, demand and cost has risen significantly in Pittsburgh. There have been incredible new developments for condos and apartment buildings. They include luxury apartments, swimming pools, yards, free coffee, even dog bathing! This has spiked the cost of renting around the city of Pittsburgh. There is also a ton of competition amongst investors who are trying to rent these large developments. They are very similar in location and structure so they have to price accordingly.

Unfortunately for renters, that cost has been almost out of reach for most. There are places around lawrenceville, the strip, and shadyside reaching almost $2,000 for a 1 bedroom! This is almost unheard of for Pittsburgh. On top of that there are many other costs to consider. There are pet deposits or monthly pet fees, there are parking fees, renters insurance, electric, gas, water, and sometimes sewage. The list can really add up with these apartments especially if you upgrade to the larger options or specialty parking locations.

It is important to weigh all these costs before committing to a location to rent. Most people just see the top line rent amount, and love the apartment so they sign the lease. The problem is when you consider budgeting for all the other costs. Also consider an emergency budget. If times are hard and things don't work out you could be living off savings. Make sure you have at least 4-5 months of rent payments available to get you through those tough times.

There's nothing wrong with renting over buying houses in Pittsburgh, but you have to know the numbers and budget accordingly!