Lehigh Valley was named the seventh hottest rental market, while Harrisburg was named the 13th by a recent report from RENTCafé.
The report found that mid-sized cities are having a boom with rentals, most likely due to the exodus of renters from major cities during the pandemic. These markets offer more affordable living, while still having a bit of city life feel. Across the country, apartments were empty for just 39 days in the first quarter of 2021, with an average of 11 people competing per apartment, the report found. Ninety-four percent of rental properties were rented.
In the Pennsylvania areas mentioned, renters saw a bit more competition for rentals. In the Lehigh Valley area, apartments were vacant for 33 days on average, with 97% of apartments occupied. There were 32 renters per apartment competing. In Harrisburg, apartments were vacant for 40 days on average, with 96% of apartments occupied. There were 18 prospective renters for every apartment that comes on the market.
What are people looking for in their 2021 apartment rental? Open air amenities, more space and the ability to pay rent and ask for maintenance repairs online. For those moving, they said they are doing so due to looking for or already finding a better deal or needing a change of scenery. The majority of respondents (48%) said they moved to a new neighborhood in the same city, while 17% moved to a bigger city, 14% moved to a smaller city and 14% moved to a less populated area.