New report reveals best new areas to rent in Philly
The City of Brotherly love has added nearly 18,000 homes since 2012.
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A new report from RentCafe, a nationwide apartment listing service, recently featured the top 50 cities where renters have the best chance of moving into newer and larger apartments located in up-and-coming areas.
Through the analysis, which used data from Yardi Matrix to calculate the number of new apartments entering the market in the last 10 years, their size, most recent occupancy rate, and the quality of the neighborhoods, RentCafe revealed where buyers may have the best chance of finding apartments that are new, spacious, and located in up-and-coming areas.
Over the past decade, more than 17,800 new properties have come onto the market in Philadelphia, putting it among the top 20 cities for finding trendy rentals. The report revealed that PA's largest city currently has around 10,000 new rentals in highly-desired areas.
The real estate firm noted these highlights:
- Philadelphia saw a 36% increase in the stock of new apartments in the last decade: Around 17,800 new rentals were added to the market in the city since 2012. That’s more than twice as much as in Pittsburgh (8,876 new apartments).
- These newly built units offer only 782 square feet, on average, which is below the national average (930 square feet). However, more than half of these apartments (56%) are located in coveted areas* that offer well-maintained neighborhoods with good schools and plenty of opportunities for entertainment.
- The City of Brotherly Love is the only city in the Northeast that is among the top 20 U.S. largest cities for finding new apartments.
What about Pittsburgh?
- Pittsburgh has become the leader in Pennsylvania when it comes to finding new apartments due to its spacious rentals and their availability for rent.
- The city has around 2,150 apartments in prime locations, of which more than a quarter (27%) are unoccupied and waiting for potential tenants. What's more, these modern rentals are much larger than those in Philadelphia: the median apartment size there is 858 square feet.
At the top of the list are the Sun Belt states (Alabama, Arizona, Arkansas, California, Florida, Georgia, Louisiana, Mississippi, Nevada, New Mexico, North Carolina, Oklahoma, South Carolina, Tennessee, and Texas) as top destinations for new apartments, where in the last 10 years the total number of rentals grew by 33%. Texas and Florida stand out among that group.
The data and methodology
To compile this report, RentCafe's research team analyzed Yardi Matrix apartment data for 178 U.S. cities.
Class A, A+, and A- multi-family properties were in well-maintained neighborhoods, in close proximity to major sources of employment, quality shopping, and entertainment, had a great source of water, public transportation, and/or major thoroughfares, which also have a golf course, lake, or private park nearby, and beautiful views of the city from a mountainside or high-rise tower.