Philadelphia, PA Real Estate News Rental Market

Philly’s Rental Inventory Got a Boost in 2015: See the 10 Largest Rental Developments of Last Year

Largest Developments 2015 Philadelphia PA

Renters of all ages in Philadelphia have a lot more choices this year. More than 1,600 brand new apartments opened in 2015, in the top 10 largest rental developments completed last year, according to Yardi Matrix. Options range from 415 student housing units (at 3939 Chestnut Street and at The Summit 3400 Lancaster Avenue) to 60 fully-affordable age-restricted units (at The New Courtland Apartments at Allegheny), and everything in between.

Some of Philly’s beautiful historic buildings also got a makeover. The 1926 Thaddeus Stevens School of Observation is now home to 56 new rental units at the Mural Lofts. The 1914 office building at 42 South 15th Street was restored and converted into a multi-family building known as Avenir on Fifteen. Additionally, the residents of Philadelphia now also benefit from two new green buildings, LEED Proposed Certified Silver: AQ Rittenhouse in Center City and 3601 Market Street in University City – the largest building completed in 2015.

Take a look at Philadelphia’s 10 biggest rental developments completed in 2015:

#10. Mural Lofts: 56 rental units

Mural Lofts for rent in Philadelphia

Mural Lofts PhiladelphiaOpening ceremony: 11/2015

Address: 523 North Broad Street, Philadelphia, PA 19123
Rental types: 47 one-bed apartments, 4 two-bed apartments, 5 two-bed townhouses
Property size: 46,570 sq.ft., 5-story building
Short description: Adaptive reuse – historic Thaddeus Stevens School of Observation, built in 1926. Controlled access. Landscaped courtyard. Library with Wi-Fi. Fitness center. Residents have access to Lofts 640 pool, spa, and fitness center across the street. Washer/dryer in all units.
Photo credits: Mural Lofts Website and Facebook Page

#9. Shirt Corner: 59 rental units Check availability

Shirt Corner Apartments Philadelphia

Shirt Corner Apartments for rent in Philadelphia

Completed: 10/13/2015

Address: 259 Market Street, Philadelphia, PA 19106
Rental types: 17 studios, 36 one-bed apartments, 4 two-bed apartments, 2 two-bed townhouses
Property size: 40,091 sq.ft., 4-story building (over 14,000 sq.ft. of retail)
Short description: 9 parking spaces. Views of Downtown Philly. Pet-friendly community. Fitness center. Bike storage. Custom-tiled bathrooms. Hardwood floors. Stainless steel appliances. Granite counter tops. In-unit washer/dryer. Controlled access.
Photo credits: Alterra Properties Website, RENTCafe

#8. The New Courtland Apartments at Allegheny: 60 rental units

The NewCourtland Apartments at Allegheny

Completed: 12/22/2015

Address: 1900 West Allegheny Avenue, Philadelphia, PA 19132
Rental types: 60 one-bedroom apartments
Property size: 36,000 sq.ft., 6-story building
Short description: Fully affordable. Age-restricted. 100 parking spaces. Utilities are included at no additional cost. Spacious, secure garden courtyard. Fully equipped kitchens. Wall-to-wall carpeting. Access to supportive services. Microwave ovens in all units. Elevator served.
Photo credits: Yardi Matrix

#7. 3939 Chestnut: 65 rental units

3939 Chestnut Apartments in Philadelphia

3939 Chestnut Apartments for rent in PhiladelphiaCompleted: 10/27/2015

Address: 3939 Chestnut Street, Philadelphia, PA 19104
Property size: 27,212 sq.ft., 5-story building (over 2 floors of retail, totaling 10,073 sq.ft.)
Rental types: 49 studios, 16 one-bedroom apartments
Short description: Student Housing. Controlled access. Washer/dryer/microwave in all units. Views of Downtown Philly. Hi-speed Internet access. Elevator served.
Photo credits: 3939 Chestnut Facebook Page

#6. AQ Rittenhouse: 110 rental units

AQ Rittenhouse Apartments Philadelphia

AQ Rittenhouse Apartments for rent in PhiladelphiaCompleted: 06/04/2015

Address: 2021 Chestnut Street, Philadelphia, PA 19103
Rental types: 31 studios, 79 one-bedroom apartments
Property size: 77,419 sq.ft., 11-story building (over 4,834 sq.ft. of retail)
Short description: Green building – LEED – Proposed Certified Silver. 24-hour concierge & doorman. Grilling area. Pet-friendly community with dog wash facility. 24-hour fitness room. Central courtyard. Sky terrace with fire pits. Business center. Clubhouse. Views of Downtown Philadelphia.
Photo credits: AQ Rittenhouse Website

#5. The Station at Manayunk: 149 rental units

The Station at Manayunk Apartments

The Station at Manayunk Apartments in Philadelphia

Completed: 04/15/2015

Address: 1 Parker Avenue, Philadelphia, PA 19128
Rental types: 105 one-bedroom apartments, 44 two-bedroom apartments
Property size: 122,210 sq.ft., five 3-story buildings (first floor includes parking)
Short description: 149 parking spaces. 24-hour fitness center. Double insulated windows. Granite countertops. Wood-style flooring. Open-concept living areas. Full-size washer and dryer. Energy-efficient stainless steel appliance package. Pet-friendly. Views of the Schuylkill River.
Photo credits: The Station at Manayunk Facebook Page

#4. Avenir on Fifteen: 180 rental units

Avenir on Fifteen in Philadelphia

Avenir on Fifteen Apartments

Completed: 10/12/2015

Address: 42 South 15th Street, Philadelphia, PA 19102
Rental types: 60 studios, 90 one-bedroom apartments, 30 two-bedroom apartments
Property size: 101,640 sq.ft., 16-story building (over 8,000 sq.ft. of office space and 7,500 sq.ft. of retail)
Short description: Adaptive reuse: office building built in 1914 and converted to multi-family in 2015. Controlled access. Clubhouse. Business center. Smart thermostats. Washer and dryer in unit. Fitness center. Full-time concierge. Stainless steel appliances. Resident lounge. Screening room. Views of the Delaware River and Downtown Philadelphia.
Photo credits: Avenir on Fifteen Facebook Page

#3. 3737 Chestnut: 276 rental units

3737 Chestnut Philadelphia

3737 Chestnut Apartments Philadelphia

 

Completed: 12/21/2015

Address: 3737 Chestnut Street, Philadelphia, PA 19104
Rental types: 1 guest suite, 183 one-bedroom apartments, 92 two-bedroom apartments
Property size: 210,703 sq.ft., 24-story building (over 2 floors of office and retail space: 45,000 sq.ft.)
Short description: 24 parking spaces. Billiards and game room. Entertainment and media room. Private rooftop lounge and deck. Terrace garden. Fitness center with yoga studio. On-site 24-hour concierge. Resident activities and events. Views of Downtown Philadelphia.
Photo credits: 3737 Chestnut Facebook Page, Yardi Matrix

#2. The Summit: 350 rental units

The Summit Apartments Philadelphia

The Summit Student Housing Philadelphia

Completed: 09/29/2015

Address: 3400 Lancaster Avenue, Philadelphia, PA 19104
Rental types: 7 one-bed apartments, 228 two-bed apartments, 20 three-bed apartments, 95 four-bed apartments
Property size: 349,246 sq.ft., 23-story building (over 20,500 sq.ft. of retail space)
Short description: Student housing. 24-hour fitness center. 25th floor sky lounge with full kitchen. Sun deck with professional BBQ grills. 24-hour recreation center with billiards, ping pong, foosball & air hockey. Movie theater room. Fully furnished modern units with leather-style furniture. 24-hour Academic Success Center with iMacs. Free printing. Roommate matching available.
Photo credits: The Summit Website

#1. 3601 Market: 363 rental units – Check availability

3601 Market Apartments in Philadelphia

3601 Market Apartments for rent in Philadelphia

Opened: 08/2015

Address: 3601 Market Street, Philadelphia, PA 19104
Rental types: 28 studios, 90 one-bed/alcove apartments, 176 one-bed apartments, 45 two-bed apartments, 24 penthouses
Property size: 264,888 sq.ft., 23-story building (over five levels of parking), it includes 14,600 sq.ft. of retail space
Short description: Green building – LEED – Proposed Certified Silver. Floor-to-ceiling windows with spectacular views. Quartz countertops. Hardwood flooring and private balconies available. Washer and dryer in every apartment. Rooftop heated saltwater pool. 24-hour fitness center. Indoor lounge and game room. Controlled access with doorman service. Views of Downtown Philly.
Photo credits: 3601 Market Website

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About the author

Nadia Balint

Nadia Balint is a senior creative writer for RENTCafé. She covers news and trends in residential and commercial real estate and their impact on our everyday life, including rental housing, for-sale housing, real estate development, homeownership, market reports, insurance, landlord-tenant laws, personal finance, urban development, economy, sustainability, and social issues. Nadia holds a B.S. in Business Management from Northeastern Illinois University in Chicago. You can connect with Nadia via email.

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  • Nadia, could you list more apartments for Seniors, age 62 and more. New construction, preferably. Thank you.
    DTM