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Pennsylvania: The Keystone State
With 13,011,844 residents, Pennsylvania is the fifth-most populous state in the nation. Its nicknames include the Keystone State and the Quaker State. Harrisburg acts as the state capital, while Philadelphia is its largest city. It is home to Independence Hall, where the drafting of the Declaration of Independence took place.
Pennsylvania boasts an active arts and culture scene. There are many museums in the state, such as the Carnegie Museums, the Philadelphia Museum of Art, and the Houdini Museum. Opera Philadelphia, the Philadelphia Ballet, and the Philadelphia Orchestra also call the Keystone State home.
In addition to this, Pennsylvania also hosts a number of festivals throughout the year. These include the Philadelphia Folk Festival, the Great Allentown Fair, Musikfest, and Creation Festival. The state is also known for its local dishes such as cheesesteaks, soft pretzels, Irish potato candy, hoagies, and Tastykake. Several chocolate manufacturers, including Hersheys, are also based here.
Sports also play a major role in the culture of Pennsylvania. There are many professional sports teams that play here, including the Philadelphia Phillies (MLB), the Pittsburgh Steelers (NFL), the Philadelphia 76ers (NBA), and the Pittsburgh Penguins (NHL), among others.
Colleges and universities located here include the University of Pennsylvania, Pennsylvania State University, the University of Pittsburgh, West Chester University, Temple University, and Carnegie Mellon University. Other attractions include the Philadelphia Zoo, Fallingwater, the Eastern State Penitentiary, and Longwood Gardens.
How Is Pennsylvania's Rental Market?
Pennsylvania has a growing rental market. Home prices have gone up 7.1%, with a median sale price
of $257,000. There are also many renters in the Keystone State. In fact, renters make up 31.1% of the state's total population.
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Moreover, rent is quite high in the state of Pennsylvania. In 2019, the median rent was $951, which was only a little below the national median of $1,097. Rent in this state has also been on the rise since 2017.
Image via deptofnumbers.com
To add to that, vacancies are few in the Quaker State, making it generally easier for landlords to find tenants. In 2019, the state vacancy rate was 4.87%, which was the lowest it had been since 2009. In comparison, the national vacancy rate in 2019 was 5.97%.
Finally, Pennsylvania makes for a fairly favorable environment for landlords. There are only a few statewide restrictions on rental fees and entry notifications.
Why Hire a Pennsylvania Property Management Company?
Obviously, there is a lot of potential for rental profit in Pennsylvania, making it an attractive location for property investors. But, there is more to managing a rental property than meets the eye. Eventually, landlords will encounter challenges throughout their management, especially if they don't have enough time or a background in rental management. Beyond that, they also need to stay up-to-date with landlord-tenant laws.
This is why most landlords usually hire a Pennsylvania rental management company.
When you hire a property management company, you can say goodbye to endless calls from tenants and long hours of work. A property manager can do all of the things a landlord is tasked to do. It is basically like leaving your rental property on autopilot. Meanwhile, you can relax and wait for the income to roll in.
What can a property management company do for you?
- Market your property online and offline
- Show the property to interested parties
- Screen and guide tenants through the application process
- Conduct property inspections
- Set your rent according to market data
- Collect rent (including late rent)
- Prepare the lease agreement
- Enforce the terms of your lease
- Manage maintenance and repairs
- Keep up with changing landlord-tenant laws
- Handle evictions (if necessary)
In Search of Property Management in Pennsylvania?
Looking for rental property management in the state of Pennsylvania? Rental Choice was formed to be a valuable resource to property owners and landlords. Our online database contains professional property management companies looking to service your rental home.
By entering your zip code or selecting your city, our website allows you to target your search for trustworthy companies. Simply find the companies that offer the service your community needs and reach out to that company for more information.