Why Philly's Rental Market is So Hot Right Now
With home sales down and home prices pretty flat, the rental market in Center City has been off the chart, probably the busiest I've ever seen it. And not surprisingly, mostly around Rittenhouse Square. In fact, this April will be my firm's best rental month ever compared to all other Aprils in previous years. We will rent 20% more homes than last year. This is why I think rentals are so hot right now:
1) Wharton students, other grad students, and interns often prefer living in Center City over the neighborhoods in which the universities lie.
2) Normal professionals who typically would rent continue to actively do so.
3) A segment of the market that would buy but is not buying right now is renting, tightening the rental market.
4) A flurry of some new business coming into Philly via Comcast and other firms is increasing the amount of renters.
1) Wharton students, other grad students, and interns often prefer living in Center City over the neighborhoods in which the universities lie.
2) Normal professionals who typically would rent continue to actively do so.
3) A segment of the market that would buy but is not buying right now is renting, tightening the rental market.
4) A flurry of some new business coming into Philly via Comcast and other firms is increasing the amount of renters.
posted by Allan Domb at
4:52 PM
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