februaryanna t1_jefbac7 wrote on March 31, 2023 at 4:23 PM

Reply to comment by Gorge_Clooney in 47-story apartment building is planned above CVS store at 19th and Chestnut by ColdJay64

Real talk. I live in East Kensington, where there are apartment buildings going up on every block. My rent has not been raised on me. Now that there are so many empty units, some rents are actually going down. I’m renting my next place for $200 less than the current tenants are paying.

Aveman1 t1_jefdad7 wrote on March 31, 2023 at 4:36 PM

New development off of the York dauphin stop is seriously going to lower rents in traditional two bedroom row homes. So many are hitting the market at once they just can't compete.

februaryanna t1_jefe5n9 wrote on March 31, 2023 at 4:42 PM

Yeah, I’m not sure if this is the only neighborhood where rents going down has become the new norm, but it is a good case study for why more housing inventory is good for everyone even if the new housing itself isn’t extremely affordable.

trick_825 t1_jefewat wrote on March 31, 2023 at 4:47 PM

I'm in the burbs right now, and am looking at moving back to the city. There are still tons of apartments and townhomes for under 600 a room if you can stand roommates. They aren't gonna be in Rittenhouse square, but they aren't too far out either.

My gf lives in an older building 2 blocks from Rittenhouse, and her rent increased by about 1.5% this year. Philadelphia is still very affordable if you don't insist on new construction.