Yes, we’ve written a few posts in the last few months that indicate burgeoning demand for apartment rentals in Philadelphia just keeps growing. Now there’s another report out which says the demand for rental units has led to construction projects.
2011 was a slow year for construction as a whole, both in Philadelphia and across the nation. But in the second half of the year many apartment construction projects were started. The city of Philadelphia anticipates a total of 1,100 new apartments entering the market in 2012, according to a report in the Philadelphia Inquirer.
The majority of the housing starts in the Philadelphia area lately have been for multi-family projects.
Nationwide, many investors are looking to real estate as a smart long-term income generator that will bring them financial rewards for years to come.
For renters, this means that the already tight Philadelphia market will just keep getting more challenging.
If you’re looking to move apartments in the next year, prepare for a lengthy search. You might want to broaden the geographic area where you are willing to live, have a little more leeway in your price range, or start your search several months before you hope to move. You can get started right now with the Philadelphia apartments.