BETHLEHEM, Pa. — Pennsylvania landed in the ‘yearly declines’ column in a recent report highlighting the greatest changes in rental prices, but it's not reflected in the Lehigh Valley market.
According to the latest Rent Report from Rent.com, Pennsylvania saw rent drop 2.07% year-over-year to a median of $1,640 monthly.
But in the Lehigh Valley — specifically in Allentown, Bethlehem and Easton — trends for one and two-bedroom apartments are above that figure.
According to the latest market trends, a studio apartment in Allentown saw a 3% decrease annually to $1,628, but a one-bedroom jumped 4% to $1,828. That’s more than a two-bedroom, which dropped 6% to $1,794.
In Bethlehem, studio apartments saw a slight increase to $1,300, while the one-bedroom rate was flat at $1,690. Rent for a two-bedroom apartment jumped 7% to $2,097.
The trends in Easton were most favorable for those looking for studio accommodations. Prices there plunged 35% annually, with rates at $872, according to the report.
Reversing the trend were one-bedroom prices, which jumped 4% to $1,762, while annual prices for a two-bedroom apartment were up 16% to $2,080.
Overall, the national rental market trended upward in January, with median asking rents rising 1.1% .
January’s jump marks the largest rent increase since March 2023 and the first time rents have climbed above one percentage point in as much time, the report said.
The largest increases, decreases
In a broader look at rental prices, Missouri, New Hampshire, Michigan, Minnesota and Mississippi saw double-digit increases.
Oregon, Florida, Idaho, Tennessee and New Mexico saw the steepest declines, according to Rent.com.
Pennsylvania was ninth among the Top 10 states with decreases, with North Carolina, Washington, Nevada and Oklahoma also in the mix.
Regionally, rents saw the largest gains in the Midwest and Northeast, according to the report. Year-over-year, rents in the Midwest rose from $1,373 to $1,437, or 4.6%. It was the largest regional increase in the study and a record-breaking rent price for the Midwest.
“Nevertheless, the region remains the most affordable in the country, at $921 cheaper than the West and $990 cheaper than rents in the Northeast,” the report said.
The Northeast remained the most expensive region in the U.S., with average rents climbing 2.3% to $2,427 compared to one year ago.
These Lehigh Valley apartments are making a splash
A gateway property recently opened its doors in Easton, with 38 luxury one and two-bedroom apartments, atop of which sits Thyme Rooftop Grille.
The Commodore, situated directly on the Delaware River, also has Agamon Bakery & Cafe and Clever Girl Winery in two of three retail spaces on the ground floor.
According to Rent.com, prices there start at $1,850.
Meanwhile in Bethlehem, the number of residential unit applications that have come before planning and zoning has been notable.
More than 200 apartments are coming to the old Boyd Theatre property on West Broad Street, in addition to residential developments popping up along both the eastern and western gateways of the city.
Last fall, the city cut the ribbon on Six10 Flats, a $20 million project with a mix of one-and two-bedroom apartments at 610 E. Third St.
Prices there start at $1,700, according to Rent.com, and on Feb. 26 a “look and lease” special advertised the application fee being waived upon approval.
