The Philadelphia rental market keeps growing according to The Philadelphia Inquirer’s “City for Rent” article
- The Philadelphia rental base grew faster in the last 10 years than most other big cities. According to Zillow, the increase in renters in Philly was 6.1% between 2006 and 2016.
- The City is pretty much an even split between home owners and renters…52% homeowners to 48% renters.
- Zillow suggests that lifestyle may play a role in the rental increase. Young adults are delaying marriage and having kids. They want to live in urban areas in their 20s and 30s and seek the affordability and flexibility of renting rather than owning.
Philadelphia is living up to its reputation as the City of Brotherly Love…as illustrated in a recent New York Times article, “Leaving New York to Find the American Dream in Philadelphia”
- According to Pew Charitable Trusts, the number of residents born abroad has increased 69% in Philadelphia since 2000. A majority of these immigrants are homeowners compared with an average of 37% across a selection of other cities.
- Immigrants now amount to nearly one-fifth of the City’s work force.
- The most recent census reports that about 27,000 people move from NYC to Philadelphia yearly amounting to one of the largest migration flows between metro areas.
- Philly’s cost of living, comfortable lifestyle, diverse neighborhoods and affordable housing make it more desirable than New York…and Philly gets the perks from these foreign born ex-New Yorkers who invigorate businesses, create ethnic restaurants and enliven neighborhoods.