Lancaster, PA market

[Nicole Cotrino]

Hello,

I am a new investor from NJ considering investing in rental properties in Lancaster County, PA and would love some input from anyone with experience in the Lancaster/Lancaster County area. We don't want to invest in NJ because of the extremely high prices and property taxes. We are looking at Lancaster because it is within driving distance, prices seem reasonable in relation to rental rates, and I have found several articles talking about the low vacancy rate.

We are driving out there next week to explore the area and look at some properties, and would love some input first.

Does anyone have input about the area, including...

• Best areas/types of properties to invest in?
• Areas/types of properties to avoid?
• Whether the vacancy rate is truly low?
• Any recommended property managers?
• Any recommended contractors?
• Any other feedback?

Thanks so much!

[Nate Jones]

Nicole -

Happy to help you.  I'm originally from Lititz, live in Manheim now, and our company's HQ's are in Lancaster.... so I happen to know the area well.   Regarding vacancy rates --- the rental demand (and investment demand) is very strong in the area.  We are seeing vacancy rates in Lancaster under 3% right now across the properties we manage and the ones we own, a lower vacancy rate than we see in some neighboring counties.   One thing in particular that we find interesting is the investment in entertainment technology in Lititz, driven by Clair Global and Rock Lititz.  

Regarding contractors -- our contractors are mostly full-time (we are a PM company), but we do also know the main contracting companies if you need specific suggestions once you find a place.

A lot of people will caution you to avoid the city (due to higher crime).... but honestly we see better returns there ourselves on our buy and hold properties.  The rental demand is still very high in the city.  In general, we are very optimistic about the future of Lancaster. 

Anyway.... shoot me a note if you want to discuss more via email or over the phone.