New Survey Shows Philly Home Prices Doubled In 19 Years
Hapco Philadelphia’s partners at Point2.com take a look at how quickly home prices doubled in Pennsylvania.
As home prices continued to soar in many parts of the country, Point2 finds that Pennsylvania remained somewhat shielded as rates in its largest cities appreciated at a more measured pace.
They looked at the largest U.S. cities to see where home prices doubled the fastest, and here’s what caught their eye for Pennsylvania:
- Home prices in Pittsburgh doubled in over 10 years, to reach today’s average price of $222,433;
- Philadelphia homes took nearly 19 years to double in price, reflecting a very slow increase from $107,000 in 2005 to nowadays’ $215,000.
For a deep dive into the complete data set, including interactive visuals, check out the link below:
SOUND OFF! Upcoming Water Rate Hike Hearing For TAP Program May 10th
Hapco Philadelphia says make your voice heard.
The Philadelphia Water, Sewer, and Storm Water Rate Board will conduct a public hearing on May 10, 2024, at 10 a.m. regarding the proposed adjustments to the Tiered Assistance Program Rate Rider (TAP-R) by the Philadelphia Water Department.
This adjustment aims to set new surcharge rates effective from September 1, 2024. The purpose of this proceeding is to reconcile lost revenue from discounted bills issued through the Tiered Assistance Program (TAP) for low-income customers.
The proposed TAP-R Adjustment will impact customer bills, with an expected increase of $10.46 per month for a typical residential customer starting from September 1, 2024. The hearing welcomes public participation and testimony, with registration not required to attend. Testimony can be submitted via email by May 8, and written comments can also be submitted by email or mail. The adjustments reflect increased enrollment efforts in the TAP program, with over 34,000 participants enrolled through an auto-enrollment process leveraging city administrative data.
You can submit written comments by emailing WaterRateBoard@phila.gov, or by mailing comments to:
Philadelphia Water, Sewer & Storm Water Rate Board
C/O: Deland Bryant
1515 Arch Street, 17th Floor
Philadelphia, PA 19102
Slush Fund At The Philly Sheriff's Office? They've Been A Rental Owner Impediment For Years
Hapco Philadelphia has always known the Philly Sheriff’s Office has had an historic reputation for mismanagement and corruption.
It’s one of the reasons the City’s Municipal Court transitioned to the Landlord Tenant Office (LTO) to handle evictions and lockouts.
The Sheriff’s Office has also been an obstacle to rental and investment property owners who want to buy properties to create affordable housing, but can’t because the Sheriff’s Office hasn’t held tax and sheriff’s sales in several years.
So, it was no surprise to see the Philadelphia Inquirer’s article about the Sheriff’s Office using a slush fund made up of money rental owners have to pay for evictions and writs.
Those funds were reportedly used to pay for a mascot and parties. And they’ve been getting away with misusing the fees we pay to the City for years with no consequences.
Philly Ranks 2nd In Northeast For Rental Desirability
According to Hapco Philadelphia’s partners at RentCafe.com, the City of Brotherly Love was a shining star in March.
It ranked 11th among the most coveted rental hubs in the nation thanks to a consistent interest from renters looking to relocate here. Their intention was reflected in the more than double increase in views on Philadelphia listings and the 18% drop in available rentals.
About the report: In RentCafe’s monthly rental activity report, they highlight the U.S. cities that attracted the most attention from apartment hunters. To compile this report, they analyzed RentCafe’s website traffic data for listings in the 150 largest U.S. cities, shedding light on renters’ intent and preferences.
You can also check out the metrics that contributed to Philadelphia’s performance in March:
- Views of Philadelphia rental properties have more than doubled compared to one year ago (up 142%), indicating sustained renter interest.
- Apartment hunters saved 47% more personalized searches than they did this time last year.
- Moreover, the 18% drop in the share of available listings in the city reflects the enduring appeal of Philadelphia’s rental market for apartment seekers.
- Despite a drop in its ranking compared to February 2024 (when it secured 7th spot), Philadelphia remained highly sought-after for renters, keeping its place among the top 30 cities in the report.
- Who’s eyeing Philadelphia apartments? Apart from locals, a significant portion of apartment seekers looking to rent in the city are current residents of New York, Boston, and Chicago.
Hapco Philadelphia Open House Shows Off Our New Digs For Rental Owners
Philly's largest rental owner advocacy group has a new office and conference center at 8 Penn Center, 1628 JFK Blvd., Lower Level C-12 in Center City Philadelphia! Thanks to everyone who turned out for our Open House last week!
It's just a few short blocks from Philadelphia City Hall!
Hapco Philadelphia Board Members and staff got to mingle with rental and investment property owners and talk about the issues facing the rental industry.
Hapco Philadelphia President Greg Wertman was there to answer questions.
Hapco Philadelphia is producing an promotional video of our Open House. Stay tuned to watch it!