Philly Cracks Top Ten In Rental Desirability, Survey Says

For the first time, Hapco Philadelphia’s partners at RentCafe.com saw Philly’s rental market make their Top Ten List for cities most-sought-after by renters.

Philadelphia is among the most sought-after places for renters in February, ranking 7th nationwide, after climbing a spectacular 42 positions. By that, RentCafe found that it has entered the 10 list of the most coveted places for the very first time. All the increased rental activity in the city is reflected in the significant drop in the share of available listings on RentCafe.com. 

About the report: RentCafe’s report highlights the U.S. cities that attracted the most attention from apartment hunters. To compile this report, RentCafe’s analyzed its website traffic data for listings in the 150 largest U.S. cities, shedding light on renters’ intent and preferences.

Here are the metrics that contributed to Philadelphia’s February ranking: 

  • Website visits to Philadelphia‘s property listings nearly tripledseeing a 189% year-over-year increase.
  • Apartment hunters saved 46% more personalized searches compared to the same time last year, indicating a growing desire to move to Philly.
  • This surge in online engagement is reflected in an 18% decrease in the share of available apartment listings on RentCafe.com compared to one year prior, which has significantly contributed to the city’s prominent ranking. 
  • Apart from locals, a great portion of apartment seekers looking to rent in “the City of Brotherly Love” are current residents of New York and Boston. 
  • The most popular renting destinations in the Northeast in February are Queens securing #2; Philadelphia #7; and Newark, NJ at #23. All three cities saw impressive surges in page views compared to the previous year, underscoring renters’ ongoing interest in these Northeastern locations.


NY Homeowner Arrested For Trying To Lockout Squatters

Hapco Philadelphia has longed warned that squatters have more rights than homeowners and rental property owners.

And here’s a perfect example out of New York of a homeowner who tries to do the right thing to get squatters out of her family home…and ends up in handcuffs!


Proposed PA Senate Bill Resurrects Prospect Of Rent Control

Hapco Philadelphia urges all rental and investment property owners to oppose this latest attempt at rent control at the PA State Capitol in Harrisburg.

A proposal to cap rent increases was floated in the PA State Senate in 2023 and now the bill has just been introduced this year.

Study after study has shown that rent control makes being a small, independent, Mom & Pop rental owner unaffordable and forces us out of the market.  And that erases even more affordable rental housing.

Hapco Philadelphia implores all rental and investment owners to read the information below and the PA Senate Bill 1095 and contact the state senators below to register your opposition to this latest form of rent control.

Senator Jimmy Dillon: dillon@pasenate.com

Harrisburg Office: (717) 787-9608

Philadelphia Office: (215) 281-2539

Senator Amanda Cappelletti: cappelletti@pasenate.com

Harrisburg Office: (717) 787-5544

Ardmore Office: (610) 896-2832

 

Senate Co-Sponsorship Memoranda

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Senate of Pennsylvania
Session of 2023 – 2024 Regular Session

 

MEMORANDUM

Posted: January 9, 2023 01:56 PM
From: Senator Jimmy Dillon and Sen. Amanda M. Cappelletti
To: All Senate members
Subject: Statewide Rental Rate Protections
Over the last several years, renters in Pennsylvanians have seen monumental increases in their rent, and long-term tenants have been priced out of their homes as private equity firms buy up properties, renovate, and increase rates. For this reason, we will be introducing legislation that would enforce rental rate protection measures to help combat unfair and predatory rental increases.  It is important to note that this legislation exempts small landlords with less than 15 units.

Rising costs are a daily conversation in our society. Rent prices are no exception to this.  You do not have to look far to hear of another example of someone being priced out of their home. Given the shortage of affordable units and high mortgage rates, people are left without options. We need to have a realistic conversation regarding how high rental costs should be increased to protect tenants from financial hardship and to give flexibility to landlords to cover their expenses to maintain a safe and habitable living space.

We want to be clear that our bill has protections for both parties entering into a lease agreement. It is vital for us to provide guidelines and oversight to ensure property owners are maintaining their property and being responsive to tenants needs, as currently required under state law. Both tenants and landlords will have an oversight agency to appeal to in the event of wrongdoing. Landlords would be able to appeal to this agency to claim an exemption in times of financial hardship. If approved for a one-time exemption, landlords would be allowed to increase their rental costs beyond the annual limit. We understand that landlords rely upon the revenue of their properties and therefore our bill defines and exempts small landlords from the annual rent increase limitations.

We need to delicately balance the housing supply and not stunt the growth of housing development. Newly developed housing would not be subject to rent control measures until the property reaches 10 years of age after receiving a certificate of occupancy. We are currently in a housing crisis, and we need to act now to prevent families from experiencing homelessness.

With Pennsylvania’s minimum wage remaining at $7.25, and rapidly increasing rent prices, we must act to protect all tenants from predatory situations that could force them out of their homes and away from their families, places of work, education, and healthcare.

Please join us in co-sponsoring this important legislation.


Recent Real Estate Commission Settlement Will Change The Way Property Is Bought & Sold

Hapco Philadelphia is analyzing the impact of the settlement the National Association of Realtors agreed to over how commissions are structured.

The group agrees to pay $413 million in damages and will implement new rules that could lower the cost of housing.