Northeast Pennsylvania is seeing higher rents but elevated vacancies across its multifamily market, according to a fourth-quarter and 2024 report from Colliers, which analyzed the performance of Class A, B & C assets.
Vacancies for Class A and B properties ticked up to 8.1 percent, a 1.2 percent increase from the end of 2023. The category went up slightly higher by 1.5 percent to 7.3 percent for Class C's. That came as Class A and B asking rents saw a 1.9 percent increase to $1,653 per month. Class C's actually performed better, at a four percent rise to $1,428 per month.
Meanwhile, it was the opposite trend for the absorption of units. For example, leasing in 2024 remained negative at -26 for Class C's, representing a -250 percent spike from the previous year. Class A and Bs stayed in positive territory and nearly tripled from 34 to 98 units.
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