If you've never lived in Pennsylvania, you'll find some great cities in the state with good property investment opportunities. Some cities (like Erie) also have one of the lowest costs of living over any other city in the region. In fact, recent statistics show Erie's cost of living is 8.5% lower than the national average.
This is already going to attract people to the region if you're currently buying rental property there. So what other factors make Erie a good place to invest in rental housing?
Here's a look at some rent statistics and other data you'll want to know to attract long-term renters.
Rent Rates in Erie
The median rent rate in Erie has gone up slightly over the last several years. In 2015, it went to $701, which was considerably different from the U.S. median at $959. Average rent cost in Erie is slightly more at $732, though still a substantial bargain compared to the national rate.
This hasn't gone up all that much, even within a decade's time. You may want to keep your rent in this range to attract renters because many coming in likely know what the average rate is.
As of June 2017, average rent in Erie is $721.
Probably due to the lower rents in Erie, vacancy rates are lower than they were a decade ago, though slightly higher than the national average. In 2015, Erie's vacancy rate was at 7.11%.
According to statistics above, the vacancy rate was even lower 11 years ago at 5.64%. It's never gone back, yet might again if rents continually stay low.
Rent Based On Number of Bedrooms
Rent Jungle above notes that rent widens considerably based on if you're renting a one or two-bedroom rental housing. A one-bedroom rental house or apartment has a lower rent average at $612. Two-bedroom rentals go for $787 per month.
The General Housing Market
Buying a rental home in Erie as an investment can potentially save you some money. Realtor.com notes the median listing price for homes in the area is only around $105,000. Compared to surrounding cities and other cities nationwide, this is quite a bargain.
A lot of newer apartment buildings continue popping up in the area as well, including many older homes up for rent. Some rents in smaller homes go within an astounding $500-$600 range, proving why Erie is such a popular rental place.
Keep reading us at VerticalRent to learn more about rental news and issues around the country.