Despite decreases, median rent still exceeds $1K in these central PA areas, Zillow reports
Home values and sale prices climbed in Centre County this summer, and despite some decreases over the past year, rental rates remain high, too.
The median rent in State College fell significantly between August 2022 and 2023, according to RentHub, a rental housing data and analytics firm. The area’s mid-point rent rates vary significantly between ZIP codes, according to data last updated in early September.
The 16801 ZIP code, which covers the southwestern State College area and stretches to parts of Lemont, Houserville and Pine Grove Mills, posted a median rent of roughly $1,925 in August, RentHub reports. That price is down about 16.3% since last summer.
The 16803 area, meanwhile, observed a lower median rent than its counterpart, checking in at $1,425. The ZIP code, which covers the rest of State College and extends up to University Park Airport, saw a 43.5% drop in its mid-point rent between August 2022 and 2023, RentHub says.
Note: This interactive graphic will automatically update as new data becomes available.
Much like RentHub, housing site Zillow reports decreasing rent trends in the State College area.
Zillow’s rental data suggests the median rent for all bedrooms and property types in State College is roughly $1,685 as of early September. That’s down about $115 from August and about $715 year-over-year, according to Zillow’s most recent rental market report.
The price range for all bedrooms and property types available as of early September ranges from roughly $780 to $3,495 per month, Zillow says.
Here’s how State College’s median rent compares to some other local rates, according to Zillow’s market reports:
- Bellefonte has a median rent of about $1,350
- Boalsburg has a median rent of roughly $715
- Philipsburg has a median rent of approximately $920
State College’s median rent exceeds the mid-point figures of most Centre County locales, but it still falls below the national median, Rent.com reports. The apartment search engine and online marketplace’s most recent market report found a national median rent of $2,038 for August, falling $15 below August 2022’s mid-point price. The national median rent’s most recent low came in February, when it fell to $1,936, Rent.com reports.
In its latest market report, Zillow described State College’s rental market as “cool,” indicating demand falls below national averages.
Though some have fallen over the last year, rental rates remain high in Centre County while aligning with a local real estate market that is observing increasing prices. The area’s median home sale price in July rose to $390,000, while Centre County-area ZIP codes saw their median home values rise by an average of 6.6% between July 2022 and 2023, according to Zillow.
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