The top rental markets in Pennsylvania are Philadelphia, Pittsburgh, Reading, and Allentown.
The TurboTenant Report includes analysis of the average number of leads per property, the average number of days on market, average rent price, median sale price, median income, security deposit trends and livability score.
Pennsylvania Rental Trends:
Pennsylvania has the sixth largest economy in the United States and is home to some of the largest public and private companies like Hershey’s. With a great culture and strategic location to other states, Pennsylvania has great property investment opportunities for landlords evident in the positive numbers coming from this state. Here are some highlights from the top rental markets in the Keystone State.
Days on Market:
The cities with the lowest number of days on market are Reading and Allentown tied at 11 days which is close to the national average at around 15 days; Pittsburgh holds the highest number of days on market at only 21.
The top three towns for the largest amount of leads per listing all surpass the national average of 38 with the top two over 100. Here they are:
- Reading – 282 leads per listing
- Allentown – 114 leads per listing
- Philadelphia – 62 leads per listing
Average Rent: (2 bedroom listings)
With the national average rent at $1,207 for a two-bedroom, Reading comes below that with the lowest average rent of $989 for a two-bedroom compared to the highest rent in Pennsylvania at $1,669 in Philadelphia.
Median Home Sale Price:
According to data from Redfin, which is a national real estate brokerage company, the national median home sale price sits at $306,400. Pennsylvania’s highest median sale price comes below that at $210,000 in Philadelphia with its lowest median sale price far lower than the national average at $130,000 in Reading.
Pennsylvania’s median income rings in at $50,030 – more than the national average at $48,500.
Security Deposit Trends:
Security deposits have both risen and fallen, but mostly increased in Pennsylvania cities between 2018 and 2019. With the largest being an increase of 14.81% in Reading at $775, and the largest decrease in Philadelphia at -8.03% with the current average at around $1,375 – which is above the national average for security deposits which is around $1,200.
All of the Pennsylvania cities had a livability score 55 or higher with the highest being Pittsburgh at 72!
Please visit here for our full methodology.
Whether you’ve found the best investment property in these top rental markets, or somewhere else, TurboTenant can help streamline your rental process with easy and free online rental applications as well as thorough tenant screening so you can find the best renter for your property.