Rent price increases across the country, including in Bucks County, are finally cooling off, write Janice Kai Chen, Rachel Lerman, and Kate Rabinowitz for The Washington Post.

According to a Washington Post analysis of rent data from CoStar Group, rent prices nationwide have risen by approximately 19 percent since 2019, but have only increased by around one percent in the last year.

However, Bucks County rent prices still remain above the national average, both in the increases since 2019 and last year.

The average rent in the county is currently $1,680. That is a whopping 31.1 percent increase compared to 2019 and a 3.4 percent increase when compared to last year.

The slowdown in rent price increases comes as a growing number of new homes are finishing construction and are hitting the market.

Renting has seen an uptick in demand, due to homebuying being out of reach for many due to high interest rates and low supply.

“A big generation of would-be first-time home buyers are renting first,” said Skylar Olsen, chief economist at Zillow.

Additionally, many people who moved in with family during the pandemic are now leaving and seeking rental options.

Read more about Bucks County rent prices in The Washington Post.