Philadelphia Apartment Market
Philadelphia is a great place for renters of all ages to live. It’s filled to the brim with arts and culture, rich history, exceptional shopping and dining, stunning architecture and a beautiful waterfront. There are also plenty of jobs opening up for young professionals in a variety of fields, so it’s no wonder why so many are searching for a Philadelphia apartment to call home.
In fact, the real estate market in Philadelphia for multifamily housing seems to be thriving due to job growth and the formation of new households. More and more young professionals in industries like healthcare are searching for an apartment. This is also true of people with other jobs that require a degree or specialized training.
Rentals are filling up fast with vacancy rates plummeting. Rentals in Philadelphia are at their lowest vacancy rate since 2001. The amount of new units that were available in 2013 was approximately three times higher than the apartments available in 2012 and those units are filling up. Another reason for the rise in apartment units may be because of the recent rise in long-term interest rates on properties. Owners are wanting to put their homes on the market in exchange for a rental. The rate of homeownership in Philadelphia has decreased from 69 percent in 2006 to 64 percent in 2013.
But with the cost of monthly rent in Philadelphia being bumped up by about 2.6 percent in 2013 to $1,128 per month, lower skilled workers without a college degree are finding it hard to move into an apartment they can afford. There may be jobs opening up for those with specialized training, but workers without that training continue to face issues.
As renters enter 2014, experts believe there will be a stronger economy, which will be good news for those wishing to find a job in retail or wholesale trade, employment sectors which have been lagging in the hiring department. So if you’re considering moving to Philadelphia, now’s the time to act and find the perfect apartment.