If you’re looking to move to the Philadelphia, PA area, there are some things you need to consider whether you’re planning to buy or lease a property. Peter Clay Jr., Regional Director/General Manager of Rental Beast in Philadelphia, works to provide renters with comprehensive listings and helps match them with expert local brokers to ensure that they receive personalized service and recommendations based on their unique needs.
He shares some unique information to the area.
“Philadelphia is becoming a city that aligns with the “meds and eds.” structure, meaning many recent college graduates are looking to start leases early on in the summer. This is especially heavy due to many medical school graduates starting their residence programs in July,” explains Clay.
He also says that Philadelphia has seen a surge of millennials who are now calling it home, which has caused rents to increase dramatically over the last few years.
“Some estimates have a 40% increase in the average 1 bedroom rent in Center City, Philadelphia from 2010 to 2016. The price of a 1 bedroom drops dramatically when looking in the outskirts of the city (much more bang for your buck),” says Clay.
The Busy Season
“Philadelphia’s busy season spans the months of June to September, where the majority of transactions occur. As mentioned above, Philadelphia is becoming a city that aligns with the “meds and eds.” If you can, try locking down an apartment 60-90 days in advance if you are looking to start your lease in June/July. The further out you lock in your lease, statistically the lower your monthly rent will be,” suggests Clay.
Clay says that outside of the busy season, often times an apartment is listed only 30-60 days before the existing tenant is leaving the apartment making the apartment sales cycle faster than usual.
Different neighborhoods According to Clay
- Northern Liberties/Fishtown
- Graduate Hospital
- Cedar Park
“The most important aspect of the move to Philly is figuring out what neighborhood you want to live in. Philadelphia spans a HUGE land area with very different neighborhoods aspects depending on what you are looking for,” explains Clay.
He adds the following:
“If you want to live in a city-like environment (think mid-rise buildings and not a lot of parking) Center City is your area,” says Clay.
Other Things to Consider
Clay says that there is at least 4,000 new units under construction or expected to come online over the next three years for rental potential.
“If parking is needed, I suggest getting a Philadelphia Parking Permit. Many areas of the city only offer on-street permit parking (PA license and registered car is needed to obtain Phila Parking permit – very important).
And as you continue to plan your visit or move to Philadelphia, remember to try to visit your top areas/neighborhoods of interest in advance (when possible), this will provide you with a personal feel for the area and you may even be able to chat with some residents so you can find your best fit.