Invest In Apartment Buildings In Lehigh County, PA

Who Rents In Lehigh County

About 34.4% of households in Lehigh County, PA rent their home. That's 49,711 renter households, according to the Census Bureau's ACS 2020–2024 estimates. The renter count rose 0.7% from the 2015–2019 survey, roughly in step with population (up 3.8%).

Median household income in Lehigh County, PA is $80,079, up 25.3% over five years. Resident employment rose 3.9% and the unemployment rate was 5.9% in the latest survey. Rent and income have moved at a similar pace (29% and 25.3%), so affordability hasn't shifted much.

Most households in Lehigh County own their homes, so the renter pool is smaller. Good apartment buildings can still lease well here, but there are fewer of them to buy and fewer recent sales to price against.

Lehigh County Rent Trends And Supply

Median gross rent in Lehigh County, PA is $1,383 a month, up 29% from $1,072 in the 2015–2019 survey (U.S. Census ACS 2020–2024). Few markets grew rent faster over the period. We still underwrite slower growth from here, because rent spikes tend to cool once new supply catches up.

The rental vacancy rate is just 3.7%, a tight market by most standards. 54.9% of renters spend 30% or more of their income on housing. That limits how hard rents can be pushed, so renewals and retention matter more than big increases.

About 15.4% of homes in Lehigh County are in buildings with 5 or more units, roughly 23,228 homes. It grew 4.9% over five years, a moderate amount of new supply. The median home was built in 1968. Much of the stock is old enough that roofs, plumbing and electrical systems need a close look, and older buildings are where value-add renovation plans start. For comparison, HUD's fiscal year 2027 Fair Market Rent for a two-bedroom unit in the Allentown-Bethlehem-Easton, PA HUD Metro FMR Area is $1,839 a month.

How Lehigh County Ranks For Apartment Investors

Out of 5 Pennsylvania counties in our data, Lehigh County comes in 2nd for median gross rent, 2nd for renter share and 3rd for five-year rent growth. Its rents fall in the middle of the pack. Put in counts rather than percentages, that is roughly 13,740 more residents, 346 more renter households and 1,085 more homes in buildings with 5 or more units than five years earlier. New homes in 5+ unit buildings outpaced the growth in renter households, so newer buildings are competing for tenants and older ones may need to offer more to keep them.

Cities In Lehigh County At A Glance

We follow 2 cities in Lehigh County. The largest is Allentown, with a median gross rent of $1,317 a month.

Lehigh County Compared With Pennsylvania

Lehigh County's median gross rent of $1,383 is above the Pennsylvania median of $1,209.

Can Tenants Afford Lehigh County Rents?

At $1,383 a month, the median Lehigh County rent adds up to $16,596 a year, or roughly 20.7% of what the median household earns. Under the common 30% guideline, a household needs about $55,300 a year to cover that rent comfortably. That's a heavier load than the Pennsylvania average of 18.6%. Renters usually earn less than the all-household median, so the real burden for tenants is higher than this simple ratio shows.

In dollars, Lehigh County rent climbed $311 a month over five years and household income climbed $16,169 a year. Rent has outpaced income, so we are careful about how much further a business plan pushes rents on renewal. HUD's FY2027 Fair Market Rent for a two-bedroom unit, $1,839, is 33% above the median gross rent for all unit sizes. That gap matters for buildings that accept Housing Choice Vouchers, since local housing authorities base voucher payment standards on it.

Lehigh County Apartment Market Key Facts

If you only read one part of this page, read this list. Every figure is from the Census Bureau's ACS 5-year estimates.

• Lehigh County, PA has 378,792 residents, up 3.8% from the 2015–2019 survey (U.S. Census ACS 2020–2024).
• Median household income in Lehigh County, PA is $80,079, up 25.3% over five years (U.S. Census ACS 2020–2024).
• Median gross rent in Lehigh County, PA is $1,383 a month, up 29% over five years (U.S. Census ACS 2020–2024).
• 34.4% of households in Lehigh County, PA rent, about 49,711 renter households (U.S. Census ACS 2020–2024).
• 15.4% of homes in Lehigh County, PA are in buildings with 5 or more units (U.S. Census ACS 2020–2024).
• The rental vacancy rate in Lehigh County, PA is 3.7%, and 54.9% of renters spend 30% or more of income on rent (U.S. Census ACS 2020–2024).
• The median home in Lehigh County, PA was built in 1968 (U.S. Census ACS 2020–2024).

What We Look For In Lehigh County

We look at buildings with 5 or more units in Lehigh County, from small walk-ups to larger garden-style communities, in stabilized or value-add condition. We compare in-place rents with nearby buildings, inspect roofs, plumbing and HVAC, and ask whether better management or targeted renovation can close the gap with the market.

Property taxes are a big line item for any Pennsylvania apartment building. We estimate the tax bill as it will be after the purchase, because a sale can trigger a reassessment in many places. Pennsylvania has no statewide rent control law, though local rules on notices, fees and deposits still apply. Insurance quotes in Pennsylvania reflect winter storm and frozen-pipe claims, so we get a quote before we make an offer.

After a stretch of fast rent growth, we keep rent assumptions modest and leave room for concessions if new supply opens nearby.

Due Diligence For Apartment Syndications In Lehigh County

The data on this page turns into a short checklist for evaluating an apartment syndication in Lehigh County.

• What vacancy does the plan assume? Rental vacancy in Lehigh County is 3.7%. A plan that assumes much lower vacancy than the market should explain why.
• What rent growth is underwritten? Rents here rose 29% over five years. Ask whether the plan assumes that pace continues, and what happens to the deal if rents stay flat.
• How was the property tax bill estimated? A sale often triggers a reassessment, so the bill after purchase can be well above what the seller pays today.
• What capital work is budgeted? The median home in Lehigh County was built in 1968, so roofs, plumbing and electrical systems deserve their own line items.
• How and when does capital come back? Ask what the plan is for a refinance or sale, and what happens if that takes longer than expected.

How Passive Investing In A Lehigh County Apartment Syndication Works

Two groups make an apartment syndication work. The sponsor, or general partner, handles the deal: finding the building, financing it and running the business plan. The limited partners are passive investors who contribute capital and share in the property's results under the offering's terms.

It's a long-term commitment. The property has to be refinanced or sold before most capital comes back, and the outcome isn't certain. Eligibility rules vary by offering, and most are limited to accredited investors. See investing with Skyline Capital for how we work with limited partners.

Getting Started

The first step is the investor network. It's free, and it's how we share market notes and get to know investors. If we buy in Lehigh County or elsewhere and you're eligible, we'll reach out privately with the details.