Description of the Indicator
This indicator measures market rent values for the Scranton/ Wilkes-Barre/ Hazleton Metropolitan Area. Statistics on housing values were obtained from data collected by Zillow. Each value is the average of all available monthly data.
Why is it important?
Understanding the trends in rent can aid in the assessment of housing affordability while revealing the temperature of the rental market. Comparison between the region and the U.S., can help identify larger trends in rent.
How is the region performing?
Increases for typical market rent for the Scranton/ Wilkes-Barre/ Hazleton Metropolitan Area have fluctuated over the years. From 2022 to 2023 these values have risen by 3.5 percent, from 2021 to 2022 they have risen 11.4 percent, and from 2020 to 2021 they have risen 13.6 percent. On average, typical market rent for the region experienced an increase of 7.8 percent from year to year.