What does the future hold for you, Philadelphia apartment renter? Whether you have been renting for decades or just signed a lease on your first apartment, the future of your career as a renter is not entirely in your hands. Many factors will influence your path, including the apartment rental market, the local and national economy, and whether the stars align in your favor.
There’s always been a need for a little bit of luck and leeway in the apartment rental market. And as Philadelphia’s economy continues to improve and more renters move here, our crystal ball has a few predictions for the future:
-It will take longer to find an apartment the next time you have to look for one. This is because of the tight vacancy rate – there are already a limited number of desirable apartments in good neighborhoods available, and this is a problem that’s only going to get worse.
-Your next apartment will be more expensive than the one you’re in now – and you might not be able to tell the difference. Cost of living increases, high construction costs and demand for apartments will all contribute to the price increases.
-You should expect to depend on public transportation as the best way to travel the city. No matter where your next apartment is located, the focus on green transportation options is only going to exacerbate. It’s already dangerous and a pain to park on the street in Philadelphia, so this is probably a good thing.
What are your personal predictions for the predicament of renters in Philadelphia?