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Lehigh Valley braces for housing shortfall as population grows
The Lehigh Valley Planning Commission estimates a shortage of about 9,000 units and calls for roughly 54,000 new homes by 2050 to match anticipated growth.
Housing in the Lehigh Valley, about 60 miles north of Philadelphia and centered on Allentown, Bethlehem and Easton, remains in high demand as the region’s post-pandemic population increase outpaces housing supply, according to Bisnow. The area added 21,000 residents between 2020 and this year but still faces a shortfall of roughly 9,000 housing units, the report said.
To keep up with expected growth, developers will need to add about 54,000 new homes by 2050, Bisnow reported. The outlet also cited multifamily projects as a key response to the shortage, including Jaindl Enterprises, which is delivering 201 units at its Waterfront campus along the Lehigh River in downtown Allentown this month.
Bisnow said the planned Waterfront project is a mixed-use effort, with its first phase including future rental and ownership components, including an aim to add 350 more rentals by 2029 and up to 150 for-sale townhomes afterward. The report added that Jaindl Enterprises initially targeted monthly apartment rents around $1.28 per square foot in 2019, but now expects $2.42 per square foot, up nearly 90%.
The outlet further noted that downtown Allentown has seen multiple multifamily developments and highlighted City Center Group, which owns more than 1,700 apartments in the neighborhood and is set to deliver another 257 later this year at the Standard near Sixth and Turner streets. Bisnow attributed the recent momentum in part to Allentown Mayor Matt Tuerk’s efforts to streamline zoning and permitting to allow more density.