CONSTRUCTIVE INSIGHTS
September 2022
Suburban Philly is one of the country’s most competitive rental markets…even more competitive than the Philadelphia rental market. Let’s look more closely…
- Suburban Philadelphia ranked the 17th most competitive rental market in the nation. The analysis considered occupancy rates, rental supply, the number of renters competing for each rental, and rental renewal rates.
- Overall, the Philadelphia region attracts out-of town renters for a number of reasons including location, affordability, colleges and universities, and the variety of jobs. Rentals in the suburbs tend to be larger; aging millennials are looking for more space and younger people are renting longer because of home prices increasing.
- Renting single-family homes has become more popular driving up demand in the suburbs.
- On average, vacant rental units are occupied in 42 days in suburban Philadelphia and 14 renters competed for each rental.
- This July, the median rent in Philadelphia was $1,750, up 6% from last year. Rent in the suburbs was $1,925, up 10% over last year. Clearly people are willing to accept the higher cost of living in the suburbs.
SUBURBAN PHILLY IS ONE OF THE COUNTRY’S MOST COMPETITIVE RENTAL MARKETS…EVEN MORE COMPETITIVE THAN THE PHILADELPHIA RENTAL MARKET. LET’S LOOK MORE CLOSELY…
“This is a positive report for the Philadelphia region reinforcing that we live and work in a dynamic metropolitan area. As always, Spring Garden Lending remains committed to supporting its customers who strive to make Greater Philadelphia more livable and who create more housing opportunities for Greater Philadelphia residents. Through our sweet spot —faster than a bank and less expensive than a hard money lender— we are proud of the role that we are playing in “growing our neighborhoods” with providing over $700 million in loans to build or renovate more than $1.1 billion in investment real estate in the last five years.”
– Jay Goldstein Chairman and CEO, Spring Garden Lending