Last week we heard homeownership in the area had been slowing down, only to learn the next day that the apartment market in Center City was cooling as well. So where exactly are renters going? ApartmentGuide points to the the suburbs.
Despite Lower Merion Township having some of the most affluent neighborhoods in the area, Philly.com’s Lauren Mennen reports the apartment-hunting website found Wynnewood to be the seventh “hottest suburb” for renters in the country after analyzing 100 of the most-searched cities between April and July. The numbers below may explain why:
According to statistics on the website, the average monthly rent for a two-bedroom home in Wynnewood is $1,443, which is still cheaper than two-bedroom homes Old City ($2,137), Society Hill ($2,137), Northern Liberties ($1,582), Graduate Hospital ($1,512), and Fairmount/Art Museum ($1,495).
Lower cost and taxes aside, Wynnewood has a the advantage of having a “larger concentration of apartments” compared to other areas, all while offering better schools, more shopping, easy access to Center City, and being walker-friendly for commuters.
• Wynnewood named one of the ‘hottest suburbs’ for renters [Philly.com]
In other news...
• Plan to raze Lower Merion's historic William Penn Inn prompts protest [Main Line Times]
• As Grays Ferry goes upscale, low-cost homes open [Inquirer]
• Something rare: Office building in Radnor put up for sale [Business Journal]