Philly Area Apartment Construction By Zip Code Still Impressive
Even as interest rates have skyrocketed, there’s still a good number of apartment projects already in the construction pipeline in and around Philadelphia.
The surge in apartment construction in the last five years has given a new look to entire neighborhoods across America. RentCafe.com‘s latest report analyzes thousands of zip codes to find out which ones built the highest number of new apartments in every metro.
In the Philadelphia metro area, multiple zip codes have experienced a surge in new apartment construction in recent years. One zip code in King of Prussia contributed the most to the metro’s apartment stock with nearly 1,800 new units. At the same time, Philadelphia proper boasts three neighborhoods with at least 1,300 apartments completed in the past five years.
Here’s a detailed breakdown for your metro area:
- At the metro level, zip code 19406 in suburban King of Prussia takes the top spot for new apartment construction, adding 1,778 units to its housing stock in record time. This represents a 42% increase in just five years, pushing the total number of new rentals in this area to 6,058.
- Securing second place is zip code 19104, located to the west of downtown Philadelphia. The 1,536 new units completed in the past five years represent a 26% increase in the zip code’s total supply of apartments. Notably, most renters here are Gen Zers drawn by the zip code’s proximity to University City.
- Next up is Philly’s 19103 zip code, where a total of 1,316 new apartments were completed, primarily attracting millennial renters with an average age of 36 years.
- Coming in fourth is zip code 19131 in the western part of Philadelphia, which added 1,304 new units in just five years, now boasting a total of 5,285 apartments.
- In addition to these areas, there have been notable changes in new apartment construction in Exton’s 19341 zip code, where the number of new apartment units grew by 1,285 in the past five years.
- When it comes to the fastest-growing zip code in the metro in the last five years, 19122 in Philadelphia added 1,258 new units, with its supply of apartments growing by an impressive 82%. This spike in new rentals is even more remarkable, considering that apartment buildings typically require 3-4 years to be completed.
NYC Is At Least Trying To Create Affordable Housing. Why Isn't Philly?!?
Hapco Philadelphia gets frustrated when we keep seeing efforts in New York City to create affordable housing, and little coming out of Philadelphia City Hall.
From releasing more vacant City Land Bank property for affordable rental housing, to creating more low cost rental repair loans, HP and its Rental Coalition partners keep proposing suggestions. And we see nothing but glacial movement from Philadelphia City Council.
But New York City continually keeps proposing ways to create more low-to-moderate rental housing. Will their latest effort succeed? Who knows.
At least, they’re trying.
High Rise Sprinkler Bill Could Potentially Affect Hapco Philadelphia Members
Hapco Philadelphia is fighting the proposed bill because if it passes, we’ve learned Philadelphia City Council and Councilmember Mark Squilla would like to mandate ALL apartments have sprinklers.
The cost would be astronomical for HP’s small, independent Mom and Pop rental owners.
This is isn’t just an issue for high-rise condo and apartment owners. IT COULD AFFECT ALL RENTAL AND INVESTMENT PROPERTY OWNERS IN PHILLY!
Be ready to show up to protest the proposed sprinkler bill when Hapco Philadelphia puts out a Call To Action on the HP website, email blasts, and social media!
"Solo" Renters On The Increase In Philly
Solo renting is on the rise in the City of Brotherly Love and around the country where 16.7 million renters are currently living alone. The latest report from RentCafe.com highlights the metros where this renter segment is thriving and uncovers the easiest and toughest places for people looking to rent on their own.
Philadelphia experienced a 13% increase in lone renters in recent years. However, this lifestyle choice comes with financial sacrifices.
Here are the highlights for Philadelphia:
- Solo renting is trending in the metro and the number of people renting alone reached 352,430 in 2021, up from 312,850 in 2016.
- Those lone renters, either by choice or necessity, now make up 20% of Philadelphia‘s total renter population, even though this type of living arrangement comes at an extra cost.
- For Philly apartment-dwellers, this means an extra income of $705 per month compared to the average renter.
- By contrast, renters in Pittsburgh need an extra $282 per month to make the move and live alone (2.5 times less than in Philadelphia). Moreover, the Steel City ranks as the #2 metro in the U.S. where it’s easiest to rent alone.
- At the other end of the spectrum, in nearby metros like New York, solo renters have to budget an extra $1,153 per month, while in Washington D.C., the premium reaches $1,548 — the nation’s 4th metro where renting without a roommate is the most challenging.
Philly Still A Desirable Rental City, New Study Says
Despite all the criticism from tenant advocates that Philly’s rental market is not affordable, RentCafe’s latest survey finds otherwise.
They’ve unveiled the most in-demand cities for renters in September. To compile this report, they analyzed millions of interactions on RentCafe.com across the 150 largest U.S. cities.
This month, three Northeastern cities secured spots in the top 30 most sought-after cities by renters, and Philadelphia was one of them. The City of Brotherly Love has consistently maintained its popularity as a rental destination this year, even after the high season.
Here are the key metrics that position Philadelphia in the 23rd spot among the most in-demand cities this month:
- Renters added 73% more Philadelphia listings to their favorites list compared to last September, indicating a clear intent to move to the city.
- Meanwhile, apartment listings in Philadelphia received 56% more views from prospective renters compared to one year ago.
- Furthermore, those searching for Philadelphia apartments for rent saved 77% more personalized searches compared to the same time last year — the 6th highest increase among all cities analyzed.
- This heightened interest resulted in a 12% decrease in available listings in the city.
- Who’s eyeing apartments in the City of Brotherly Love? Apart from locals, renters from New York City, Boston and Washington, D.C., are searching for rentals in Philadelphia.
- In the regional ranking, Philadelphia secured the bronze medal, following Bronx, while Queens surpassed both of them, taking the crown for the first time this year.
Rental Owners MARK YOUR CALENDAR! PHDC Housing Fair October 21st!
Small landlords, this event is for you!
Whether it's maintaining or repairing your rental properties, or investing in opportunities, the Philadelphia Housing Development Corporation Housing Fair 2023 is a great resource!
October 21, 2023, 10am-3pm
Temple University Aramark Student Training and Recreation (STAR) Complex
1816 N 15th St, Philadelphia, PA 19121
Event Description
PHDC’s First Housing Fair, presented by Temple University and NBC 10, is ALL THINGS HOUSING! The fair will provide resources for current homeowners, first-time home buyers, renters, landlords and others who are interested in learning more about homeownership, maintaining the home, development opportunities, and so much more!
Come meet city-funded housing counselors, mortgage lenders, realtors, insurance agents, representatives from various City of Philadelphia departments, local legal organizations, and other professionals in the housing industry!
If you are a landlord, PHDC will provide information about the new Rental Improvement Fund program designed to assist landlords (owners of five or fewer rental properties with 15 or fewer units) with repairs to rental properties in the city of Philadelphia.
For homeowners and renters who need repairs to their homes, PHDC will help you complete an interest form for the Basic Systems Repair Program (BSRP) and the Adaptive Modifications Program (AMP).
We want Philadelphians to be aware of all the programs and services available to them—helping them create generational wealth through homeownership and live in healthy homes!
Mark your calendars and see you there!
To RSVP for the Housing Fair, Click here
To Become a Sponsor/Exhibitor, Click here
To Register as a City Agency, or City-funded Agency, Click here
For more information contact: housingfair@phdc.phila.gov
Download the Housing Fair flyer