For those of you not ready to buy, but interested in renting, guess what? We list rentals too! And the rental market in Philadelphia is Hot!
The current rental market in Philly has virtually no vacancy. Center City population has increased by over 16% in the past 10 years, and these gains are expected to continue. Along with the numerous colleges located in the city with the myriad of renters they draw, it is said that Generation Y prefers to rent and stay mobile. Simply put, homeownership is not their goal.
Along the Delaware River, several new rental construction projects are in the works. One is proposed for 180-200 apartments on Piers 34/35. Another is proposed for Pier 40 with 200 units. Yet another is projected for 230 N. Columbus Blvd: 180 rental units with a garage beneath it.
In Center City, approximately 2,500 new rental units are in the pipeline. This boost is in various neighborhoods of the city, and may make the units more readily absorbed into the market as they draw renters to a particular area. A 144 unit building is underway at 10th & Vine in Chinatown. At the other end of the city, 227 apartments are planned at 20th & Callowhill Streets. At Broad & Federal, a newly refurbished building will have 9 high end units. Yet another conversion is underway on North 12th Street in the Loft District, where apartments are rare.
Philadelphia is not alone in the surge in demand for rental units. In New York City, thanks to the hot, hot rental market, several major developments have switched from condos to rentals. This boom in rentals has been created in large part by the tighter home-lending standards, which makes obtaining a mortgage more difficult.
As you can tell, our town is teeming with rental plans. But there are plenty currently available, too.
Some include:
315 Arch Street 307 in Old City
Lovely 1bed/1bath home with a stainless kitchen complete with a tile backsplash, hardwood floors, and soaring ceilings that welcome tons of natural light.
335 N. Front Street A in Old City
Fun and sun loving 2bed/2.5bath tri-level condo featuring a den, roof deck, and a penthouse office/3rd bedroom.
415 S. 19th Street B in Rittenhouse Square
Stunning 1bed/1bath penthouse unit designed with a wide open layout, hardwood floors, and granite kitchen.
Ps- If you’d like to schedule a showing, contact our Rental Specialist, Ryan McCann, at 215-558-2118. Or send an email at [email protected]! Or use our websites search tool.
