Rent Check
May 2014
More Apartments Hit the Market

Warmer weather has finally arrived, and with it comes the hot rental season. As the Philly region continues to experience an increased migration of residents, we're seeing more and more renters looking for places to live.

 

As our friends at Delta Associates explain below, the local market has experienced a recent influx of new development, causing a decline in rents and a rise in vacancies. The 36-month supply is tracking to slightly exceed the number of units that will be absorbed by renters in Philadelphia. This should tip the market in favor of renters.

 

Philadelphia remains a city with a strong and stable residential forecast. And we look forward to helping all of the new (and existing) Philly renters find their urban igloos!

 

-- Rick Gersten, CEO & President of Urban Igloo
In This Issue

 

The trend is reversing. Families used to leave cities, moving out to the suburbs for big homes and yards. But in recent years, many urban areas have seen a resurgence in family living.

 

 

An increase in supply over recent quarters has led to rent declines and rising vacancy in Philadelphia.

  

Philadelphia's supply-and-demand relationship  indicates that vacancy will continue to edge up slightly, and rent growth is likely to be flat or negative over the next 24 months.

 

Featured Neighborhood: Fairmount and Avenue of the Arts   avenue of the arts

 

Named for the museum made famous by Rocky Balboa's run up its steps, the Fairmount and Art Museum neighborhoods features historic brownstones, prestigious apartment buildings, lively neighborhood restaurants, convenient Center City access, and diverse recreational activities alongside Kelly Drive and the Schuylkill River.  

 

 

This brand new, mixed-use community of 227 apartments is set above top retail shops and restaurants. The property features:  

  • Stainless steel appliances and granite countertops
  • Washer and dryer in unit
  • Community room with demonstration kitchen
  • Fitness center and rooftop terrace
  • Underground, gated garage for residents
  • Full concierge service available 24/7

Featured Condo: Fairmount

Price, quality and location meet on this charming block in the Art Museum neighborhood. The spacious 1-bedroom apartment features:

  • Incredible location with walking access to the best of Philadelphia
  • Spacious, fully equipped kitchen
  • Washer and dryer in unit
  • On-site storage provided 
Learn more about this condo

  

"Within 24 hours of contacting Urban Igloo, we had ourselves a new, awesome home. Our agent was constantly communicating with us and couldn't have been more helpful throughout the process."

  
- Lauren B.


"I have seen Urban Igloo in action and have been extremely impressed with their high level of personal attention, concern and respect for the renter. They always keep the renter's best interest in mind. I have heard only rave reviews from the renters who have been placed here through Urban Igloo. They feel like Urban Igloo made it extremely easy for them to make an informed decision and are very happy with the result."

 
- Chris H. 
 
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