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RentCafe — a blog with information about local rental markets — recently released a study of “America’s Hottest Rental Markets in Early 2023.”
If you were to look at the data, you’d find one Pennsylvania city ranked as the third such “hottest rental market” in the country.
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The RentCafe study utilized apartment data from Yardi Systems across 134 markets in the United States, data that, by the way, came directly from “market-rate, large-scale multiple properties of at least 50 units.”
Researchers then proceeded to calculate each market across five key metrics – “Apartment Occupancy Rate;” “Average number of days available;” “Potentive Tenants per Vacancy United;” “Renewal Rental Rate;” and “Proportion of new apartments” – to determine the final ranking.
Thus, Harrisburg was the Keystone State city that won the bronze, coming in behind Miami-Dade County, Fla., (second) and North Jersey, NJ, (first).
Harrisburg wasn’t the only Pennsylvania area to rank high, either: The Lehigh Valley also came in third when it came to the “Hottest Small Rental Markets at the Start of 2023” category, which was “mostly driven by enrollment at the 11 universities and high schools” in the region.
The RentCafe study comes at a time when rents remain high across the state: PennLive previously reported how average rents in the City of Brotherly Love have seen an average increase of over 10 percent, according to Axios Philadelphia, something mirrored in rent prices nationwide.
Joining the Lehigh Valley in the top three for “Hottest Small Rental Markets” were Fayetteville, Ark., (second) and Lafayette, Ind., (first).