For its size, Lehigh Valley has hottest apartment market in nation

Anyone having trouble finding an apartment in the Lehigh Valley isn’t alone.

The latest report from RentCafe described the Lehigh Valley apartment market as a “real battlefield” with 14 prospective renters competing for each vacant unit in the region.

That makes the Lehigh Valley the hottest small rental market in the nation.

According to the rental competitiveness report, the 14 prospective renters competing for each vacant unit in Lehigh Valley is dramatically higher than the national level, where only 8 people are vying for each unit, and apartments get occupied in 46 days.

In the Lehigh Valley apartments are rented out within 45 days, just slightly quicker than the national rate.

The apartment occupancy rate is an impressive 95.8%, with 82.1% of renters renewing their leases at the start of the moving season, according to the report.

Aggravating the problem is the fact new apartments make up only 0.10% of the local rental supply, making it even tougher to find a place to call home. New construction just simply isn’t keeping up with the demand.

These factors contributed to a Rental Competitiveness Index (RCI) score of 89.6 out of 100 for Lehigh Valley, far surpassing the national average of 73.4.

At the same time Harrisburg apartment hunters are also facing challenges in securing a lease. It’s the seventh most competitive small rental market nationwide, with 11 people vying for each rental.

With no new apartments recently added, and lease renewals reaching almost 77%, the challenge is significant for potential renters.

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