The rent prices in real estate in Lancaster, in the Pennsylvania region have fallen considerably in the last couple of months. There has been a strong fall in the rent prices in this city.
The price per sq.feet in Lancaster has had a strong fall during the last 6 months. In July, the average price per sq.feet was $2.41. In the following month the price per sq.feet fell considerably to $1.05. The price for the following two months in (September, October) had a considerable fall of 60 with regard to the previous two months. The price per sq.feet has had a considerable fall of 78 % in the last two months compared to the average price for the previous four months. This was obtained by comparing the first four months of the period going from a price per sq.feet of $1.38 to $1.08 during November, and December.
When referring to the price in Lancaster (cities), there have hardly been any changes in the last 6 months. In our first sample month during July, the average price is $1,220. In August This price remains at $1,203. In the following two months the average price has hardly changed with regard to the previous two months from $1,211.5 to $1,234. During the last two months, the average price has fallen with regard to the previous ones. To be precise it has fallen 95 %, going from $1,222.75 to $1,161 in November and December.
The graph displaying the average rent price for bedrooms illustrates that those properties with 1 bedroom are the most affordable ones. At a price of $1,167 they are 27 % more affordable than the average price for Lancaster . The properties with the highest average price have 3 bedrooms, Their price is 25 % more expensive than the average. After that we have properties with 4 bedrooms priced at $1,411.
With regard to the average price per sq.feet, those properties with 3 bedrooms are the most affordable ones at a cost of $0.92 / sq.feet, with an average $1.07 / sq.feet price in Lancaster. The properties with the most expensive average prices have 1 bedroom. They are 27 % more expensive than the average followed by properties with 2 bedrooms with a price at $1.01 / sq.feet.
The graph displaying the average rent prices displays the property type "" as the most affordable one. At an cost of $1,167 it is 6 % more affordable than the average price in Lancaster. "Condo" is seen as the second most affordable property type. The most expensive property type is "House" followed by "Condo". At a price of $1,108 it is 7 % more expensive than the average price.
According to the average area price by sq.feet the most affordable property type is "House with an average cost of $1 / sq.feet. "House" with an average price of $1 / sq.feet has the most affordable price and would be directed at less affluent cities.