Why Philly’s Dropping Rents Are Great for Retaining Talented Millennials

Although Philadelphia is going through an obvious real estate boom, with cranes in the air throughout downtown and luxury homes sprouting up in previously unlikely neighborhoods, it’s interesting to note that rents have actually fallen over the past year.

That’s according to a new study from Zumper, finding that the median rent for a Philadelphia one-bedroom apartment in November 2015 was $1,240, down 5.3 percent from the previous year. The median rent also fell 4.6 percent from the previous month and the previous quarter.

While landlords might complain about getting less money for their properties, keeping cost of living low is an absolute must for attracting young professionals and fighting brain drain from local colleges and universities. Read more »

Headlines: Regional Rents Are Hell on Minimum Wage Earners

Photo by James Losey, Creative Commons License.

Photo by James Losey, Creative Commons License.

Out of Reach 2015, a new report entitled  from the National Low Income Housing Coalition, says that workers would need to take home $17.57 per hour on average in order to afford the rent on a two-bedroom apartment in Pennsylvania. Here’s the thing, the minimum wage is only $7.25 per hour and the average hourly wage for renters statewide is only $13.66. The report summarizes that workers who earn the minimum wage in PA would have to work 78 hours per week in order to afford a one-bedroom at Fair Market Rent ($739 per month).

As you might expect, those sobering numbers are even higher in Philadelphia region, which is home to the five most expensive counties in the state (in terms of hourly wages needed for renting a two-bedroom apartment). The take home pay swells to $22.23 per hour in Philadelphia, Bucks, Chester, Delaware and Montgomery counties. Earn minimum wage and want to rent a one-bedroom within Philadelphia? The report says you’d have to work an average of 102 hours per week to make that happen.

Mapping the Hourly Wage Needed to Rent a 2-Bedroom Apartment in Every U.S. State [CityLab] Read more »

Morning Headlines: Wynnewood Is One of the Most Popular Suburbs for Renters

Photo credit: Google Maps.

Photo credit: Google Maps.

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]

Read more »