Anti-Blight Bill Clears PA House, Headed To Senate
With a growing problem of poorly regulated development in Philly causing adjacent rowhome collapses, HAPCO Philadelphia sees the passage of House Bill 255 as a good development.
The city’s Licenses and Inspections Department has been plagued with short staffing, resignations, and recruiting troubles and it’s hoped HB 255 will mean more money to hire more inspectors to investigate and cite blighted properties and reign in unlicensed gentrification.
HP’s Mission Statement includes our devotion to reversing the spread of blight in Philadelphia. Many HP members have committed to rehabbing dilapidated and sheriff’s sale properties into affordable rental housing.
It’s another one of the many reasons small, independent, and Mom and Pop rental and investment property owners need to join HAPCO Philadelphia!
New Study Says In Philly It's Cheaper To Buy Than Rent
HAPCO Philadelphia says a new study out by Redfin that claims it’s cheaper to buy than you rent in Philly is flawed and makes faulty assumptions.
HP President Greg Wertman examined Redfin’s methodology outlined in their study.
“They are comparing a monthly mortgage of $1,869 to a monthly rent payment of $2,000. A $1,869 payment means the house cost less than$280,000 with 5% down. And that doesn’t include PMI costs,” Wertman finds. “That means the house costs less than $250,000. Good luck finding that in a decent neighborhood.”
Wertman goes on to say, “The only city that it makes sense to buy in is Detroit, which I just visited. It used to have a population of almost 2 million. Now, it’s around 677,000.”
HP’s President also says as you read the study, keep in mind that sources like Redfin and Zillow are using information that is readily available through other platforms.
“It’s one of the reasons why Zillow was sued in California a number of years ago for providing information that undersold certain neighborhoods and residences,” Wertman notes.
Philly Rental Market Still Desirable In New Survey
Even with endless City Council taxes, fees, costs, and regulation, Philadelphia’s rental market still fares well nationally and regionally, even beating out NYC!
HAPCO Philadelphia looks at the new May survey just out from bloggers at RentCafe.com
It ranks Philly rentals the most sought-after in the Northeast, four spots above Manhattan.
And nationally, the RentCafe survey has Philadelphia in the 13th most-desirable spot, with Kansas City, Missouri ranked as most-desirable.
These are the metrics that pushed Philly high on the list:
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Apartment hunters have favorited four times more listings (up 425%) compared to this time last year.
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The number of personalized searches for Philly apartments saved has increased by 80%.
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Wannabe renters have viewed 14% more listings in the city.
If this all seems too-good-to-be-true given the struggles facing the city’s rental and investment property owners, HAPCO Philadelphia says take a look and see if you agree with RentCafe’s methodology.