“Give the people what they want” is a phrase quoted by the Kinks back in the day, but these are words that ring true for the rental market in Philadelphia. At least for the rental market for homes, apartments, and condos located in the zip codes 19123, 19122, and 19125.
We’ve been studying the demands of renters in our Philadelphia Real Estate Market and the message that these consumers are conveying to us is clear as day. Renters looking to live in the Northern Liberties, Fishtown, and Old Kensington neighborhoods are looking for the same things buyers are looking for and they are not taking NO for an answer.
Here is the winning recipe for an A+ rental property in the districts we are discussing.
- High functioning Kitchen and Baths with a fully outfitted appliance package because these renters work hard, play hard, like to cook, entertain, and they demand a touch of luxury.
- 2-4 bedroom accommodations because Renters have roommates to share living space and cut living expenses.
- More than 1 bath is a huge plus and renters are willing to pay more for that feature. Both female and male renters require more out of their bathrooms such as storage for toiletries and lots of space if they need to share the bath with a roommate in a multiple gender household.
- Near public transportation is a big benefit. Therefore, if you are an investor, consider buying property close to the El stops, bus stops that run into Center City or to the Universities. Public transportation within a few blocks of your subject property is important.
-A clean, secure, no maintenance yard is a real plus for those with pets and for trash storage.
Renters want all of this for from $900 to under $2,000 per month depending on location and space.
If you are an investor or home owner thinking about renting your property in Northern Liberties, Fishtown or Old Kensington, it is important to Plan Ahead.If you can provide even a few of the things listed above, you will have less vacancies, increase the quality of tenant, get more money from your rental, and your property will rent faster.
The days of slapping paint on the wall and hanging a sign in your window are over. If you need assistance renting your property please contact us. We list rental properties.
Originally Posted on The Philadelphia Real Estate Blog
Tags: Access Philly, Add new tag, client service, commitment, Fishtown, Kensington, listings, northern liberties
