Updated 2026 · Based on median market data for Johnstown, PA
The median monthly rent in Johnstown, PA is $810, translating to $9,720 in annual gross rental income per unit. The rent-to-price ratio is 0.70% — below the 1% rule but within a range where deals can work with good financing and disciplined expense management. For context, a 0.70% rent-to-price ratio means that for every $100,000 invested in property, you collect approximately $704/mo in gross rent. The gross rent multiplier of 11.8x means it takes 11.8 years of gross rent to equal the purchase price — an excellent ratio that signals strong income relative to cost.
Renters in Johnstown spend approximately 20% of the local median household income ($47,800) on rent. This is well below the 30% threshold, suggesting significant headroom for rent increases. The 30% affordability ceiling puts maximum supportable rent at approximately $1,195/mo — a full $385/mo above the current median of $810. This gap represents real upside for landlords who invest in property upgrades that justify premium rents.
The vacancy rate in Johnstown is 6%. This is a healthy vacancy rate that indicates balanced supply and demand. You should be able to find quality tenants without extended vacancies, though expect normal turnover periods of 2-4 weeks between tenants. Budget for one month of vacancy per year in your underwriting to be conservative. Population growth of 0.2% annually provides stable demand.
Johnstown's GRM (price divided by annual rent) is 11.8x. A GRM under 12x is excellent — it means you are paying less than 12 years of gross rent for the property, suggesting strong income relative to price. Markets with GRMs this low typically attract institutional and out-of-state investors seeking yield, which can create competition for the best deals. For comparison, the national average GRM for investment-grade rentals is approximately 13-15x. To beat Johnstown's median GRM, target properties where you can achieve rents above $810 through renovations, better marketing, or targeting underserved tenant segments — or buy at a discount to the $115,000 median price. Every point lower on GRM translates to roughly 0.5-0.8% improvement in your cap rate.
At the median rent of $810/mo, a single-family rental in Johnstown generates approximately $9,720 in gross annual income. After accounting for 6% vacancy ($583 lost), property taxes of $1,587, insurance (~$460), and maintenance (~$460), the estimated NOI is $6,630 per year, or $552/mo. Adding an 8% management fee ($778/yr) reduces investor cash flow further. Before debt service, you are looking at approximately $5,852/yr in landlord net income. Whether this is attractive depends on your total capital invested — at a $23,000 down payment, the unlevered yield on equity from NOI alone is 28.8%.
Rent growth in Johnstown is driven by the interplay of population growth (0.2%), income growth, and housing supply constraints. With 0.2% population growth, organic rent growth will be slower — roughly 1.5% annually, taking rents from $810 to $873 over 5 years. The affordability headroom of $385/mo between current rents and the 30% income threshold provides substantial room for rent increases without pushing tenants into financial stress.
The median income of $47,800 supports a mixed tenant base of young professionals, small families, and long-term renters. In a smaller market of 50,000 residents, word-of-mouth and local listing platforms may be more effective than national sites for finding tenants.
Johnstown is a smaller market where professional PM options may be limited. Fees can run 10-12% of rent, and the quality of available managers varies widely. At $810/mo, management costs roughly $89/mo. Self-management makes sense if you are local, have fewer than 5 units, and the rent level justifies your time — at $810/mo, management fees consume a large percentage of your cash flow — self-management may be necessary to maintain positive returns on smaller portfolios.
Johnstown vs Pennsylvania state average and national average across key investment metrics. Johnstown outperforms both benchmarks on cap rate.