Philly’s Private Eviction System Shuts Down as Landlord-Tenant Officer Struggles with Insurance Renewal
Philadelphia will end its private eviction system and will now have the Sheriff's Office handle enforcement because of insurance concerns.
Philly Apartment Glut? Developers Worry as Tenants Snap Up Discounted Rents
Philadelphia is experiencing a rental glut due to a surge in apartment construction, leading to higher vacancy rates and fierce competition among landlords offering substantial concessions to attract tenants. Despite current market inefficiencies and a short-term increase in vacancies, experts believe the demand will eventually balance out as new apartments are absorbed and housing types diversify.
PROA August Bill Track Report: Key Legislative Updates
Discover the Latest Updates in the Proa August Bill Track Report!
Philly Homeowners Face Average $330 Property Tax Hike Amid New City Reassessment
Philadelphia property owners will see an average property tax increase of $330 this year due to the city's first real estate reassessment in two years, announced by Mayor Cherelle L. Parker's administration. To help mitigate the impact, the city has raised the homestead exemption from $80,000 to $100,000 and introduced a relief program that freezes property tax bills for low-income homeowners, while assessments can be challenged with the Board of Revision of Taxes by October 7th.
Philly's Private Eviction System Faces Shutdown by September Amid Insurance Crisis
The Philadelphia Landlord-Tenant Office (LTO) faces potential shutdown due to losing its insurance, impacting the city's eviction processes starting August 12, 2024. Housing advocates and city officials have scrutinized the LTO after eviction-related shootings, leading to concerns about handling the eviction workload and calls for a transition to a government-run system.
Philly Housing Market Evolution: Key Trends in Home Prices, Ownership, and Mortgages Since 2000
Since 2000, Philadelphia's housing market has transformed due to population growth, tax incentives, and fluctuating interest rates. Entry-level home prices have surged from $59,000 to $160,000 by 2021, reducing affordability despite remaining lower than in other major East Coast cities.