Rental units are increasingly hard to come by in Central PA, and this reality is now backed up by a recent study conducted by RentCafe. The study revealed that Harrisburg is the second most competitive rental market in the United States, with Miami-Dade County, Fla. being the only area with a more competitive market. This means that the competition for rental units is intense, and the average apartment stays vacant for only 36 days in Central PA, with approximately 19 people vying for each open unit.
According to Danielle Hale, an expert at Realtor.com, the rental market in Harrisburg is a reflection of the challenges that the majority of the country is currently facing. She notes that the rental market nationwide is highly competitive, and the low vacancy rates are driving up rental prices.
Housing Authority and Local Landlords Working to Provide Affordable Housing Solutions
In the Harrisburg area, almost 97% of apartments in larger complexes are occupied, with 75% of occupants expecting to renew their leases. This means that landlords do not need to hurry to fill open units since the low vacancy rates allow them to set rental prices at their discretion, resulting in an increase in rental prices.
Unfortunately, the lack of rental units and increasing rental prices are taking a toll on the residents residing in the city. Dennise Hill, who works with the Harrisburg Housing Authority, notes that it has become increasingly challenging for people to find affordable housing, not only in the city but in the region as a whole. Hill is in constant communication with local landlords to provide more affordable housing units for residents. She highlights the importance of ensuring that there is enough housing for people who want to live in Central Pennsylvania.
Hill adds that finding a solution to make sure that people who want to live in the city and have a vested interest in the community can afford to do so is crucial. Otherwise, the high cost of living in the city may push them out, which could negatively affect the community’s growth and sustainability.