Philadelphia Offers Greater Apartment Development Opportunities
Digested from Philadelphia Apartment Market Expands
The Wall Street Journal (12/15/15) Hudgins, Matt
Urbanism is driving new populations to cities across the United States, but some, such as Philadelphia, offer greater development opportunities because theyve fallen further behind the curve on demand than other metro areas have.
Were catering to a trend that were seeing nationwide, but even more so in Philadelphia, said Seth Shapiro, chief operating officer of Philadelphia-based development firm Goldenberg Group, which just broke ground on a 322-unit apartment community in the citys up-and-coming Center City neighborhood.
Apartments constitute 15 percent of Philadelphias housing market, compared to Chicago's 30 percent and Boston's 35 percent. As a result, rents in popular neighborhoods are skyrocketing: Average rent for one-bedroom apartments in City Center, for example, has gone up 40 percent since 2010.
In addition to building new apartment home communities, developers are also rehabbing old office buildings to create modern residential properties. Amenities include open floor plans and refrigerated package delivery rooms, as well as smart devices, sustainable finishes and pet-centric features such as parks and dog-wash stations.