The regional Metropolitan Statistical Area saw rents rise an average of 6% during the height of the COVID-19 pandemic — from March 2020 to March 2021 — according to a new study by a website that specializes in rental property finances. Of the 105 MSAs reviewed, that was the 47th biggest increase.

Stessa, at stessa.com — which describes itself as created “to easily keep track of property performance, finances and the paper trail that comes with real estate investing” — looked at rental price data from the Zillow Rent Index, as well as cost of living data from the U.S. Bureau of Economic Analysis and household income for renter-occupied units from the U.S. Census Bureau.

The site calculated rent changes between March 2020 and March 2021.

For the Scranton/Wilkes-Barre/Hazleton MSA, median rent rose from $894 to $948. While the 6% increase sounds steep, renting locally is still a bargain. Nationally, the median rent only rose 1.3%, but the dollar figures are nearly double local costs: $1,716 in 2020 median rent to $1,739 in 2021.

One other bit of the data worked in favor of renters, and presumably everyone else, in the local MSA: The overall cost of living here dropped -8.5% when compared to the U.S. average cost of living.

Some other general findings in the report:

• Lower-priced units increased nationally by 3.2%, while higher priced family rentals rose 5%.

• Before the pandemic — mid 2018 to mid-2019 — rental prices were pushed up because units being built were going for higher prices. According to a Harvard University study, 88% of new rental construction in that time frame opened with an asking price of $1,050 or more, while the number of units priced under $1,000 had dropped significantly since 2014.

• Things got a lot more expensive for home buyers than for renters during the pandemic. Nationally, rental increases slowed from about 6.2% annually at the start of 2015 to 1.1% at the end of 2020. By comparison, home prices soared. Prices had risen 3.8% the year before February 2020; by April 2021, they had risen 11.6%

If you were wondering where rent up the most and least (least being down, in this case) during the pandemic, wonder no more.

Boise City, Idaho, topped the list with an increase of 13.1%, while the New York/Newark/Jersey City MSA actually saw rents decline by -8.5%

Reach Mark Guydish at 570-991-6112 or on Twitter @TLMarkGuydish