Rental property prices continue to increase as demand grows; experts weigh in

Local News

The price of rental properties continues to rise among with demand for apartments in Erie, making it harder for people to find a place to call home.

Speaking of high demand, the Erie Downtown Development Corporation’s apartments on State Street that won’t be move-in ready until October have already 23 Erie residents applying to live there.

This isn’t a new issue, according to the Greater Erie Board of Realtors. This increase in demand has been happening before the COVID-19 pandemic even began.

For almost two years, there has been a noticeable demand and price hike for residents looking for an apartment.

“It’s hard to say whether or not the prices are standard for Erie, because every landlord does their business a little bit differently. Some people are in the property management business and so their job is to make money for their clients, other people own their property directly. So, they wat to make money for themselves.” said P.J. Monella, CEO of Greater Erie Board of Realtors.

At 429 State Street, the EDDC opened brand new apartments right in the heart of downtown Erie. The rent starting at $925 for a studio apartment. Rent for a two-bedroom apartment can be as high as $1,500 a month.

“These apartments are ideal for three reasons. First is location, you’re right in the heart of downtown, right in the heart of all the activity. Two, the in-unit amenities, you’ve got these beautiful hardwood floors that you saw, the washer and dryer and new appliances.” said John Persinger, CEO of the EDDC.

The effects of the housing market is trickling down to rental properties, increasing the demand for rentals.

“As people are selling their houses if they don’t have somewhere else to go, they end up getting into a rental. Same thing with students as they come back, they’re looking for rentals. Both the single family housing and the rental market in Erie are being exacerbated by this high demand with low inventory.” Monella said.

The high demand for rentals is not just happening in Erie but all over the country as well.

“I recently spoke to one of my AE colleagues, one of my Realtor Association colleagues out in Boise, Idaho. They have 3,000 realtor members and only 300 active listings. This is not something that’s just happening in Erie, Pennsylvania. It’s a nationwide problem.” Monella said.

Monella says he cannot say exactly how long this market will look like this, but Erie remains an affordable market to live in.

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