Suburban Philadelphia Ranks Among the Nation’s Most Competitive Rental Markets

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A home in the suburbs available for rent.
Image via iStock.

It’s no secret that suburban Philadelphia home buying exploded during the pandemic and is still going strong, but the suburbs have also become one of the most competitive rental markets in the country, writes Ryan Mulligan for Philadelphia Business Journal.

Suburban Philadelphia is the 17th most competitive rental market in the nation this year, according to RentCafe.

No one knows that more than Nick Richel with The Galman Group, an apartment developer in Jenkintown. He sees new people flood the suburban Philadelphia rental market every day.

The customers are longtime homeowners who are taking advantage of the seller’s market to move to an apartment where there is less maintenance.

They are prospective first-time homebuyers priced out of the market and New York transplants looking for something more affordable with more space.

Those added customers are driving up rental prices.

The median asking rent in the Philadelphia region in July was $2,439, up 11.3% year over year and 23% from $1,991 in February 2021.

“We can determine the current demand is pushing prices higher because, to be honest, there’s not enough inventory,” Richel said.

Read more at Philadelphia Business Journal about the Philadelphia suburbs being the most competitive rental housing market in the nation.

CBS News talks about the impact of inflation on working households triggering a housing affordability crisis and in some cases homelessness..

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