While Lehigh Valley officials and developers have been trying to keep up with a chronic housing shortage, the region continues to be one of the most competitive areas in the country for those looking for an apartment or house to rent.
In its year-end review of the nation’s smaller metropolitan areas, RentCafe has determined that the Valley is the second-hottest rental market. Despite a 2.58% increase in supply over the past year, those in the market on average are competing with 14 others for each unit.
“Demand continues to surge – especially in places like Bethlehem, Allentown and Easton – as commuters, remote workers and newcomers from New Jersey and New York search for more affordable options,” RentCafe said in its report. “Adding to the pressure, local colleges – such as Lehigh University and Northampton Community College – continue to draw students, and campus housing is often packed. As such, many end up renting off-campus, competing with young professionals and families for budget-friendly apartments.”…