This is especially true in Philadelphia, PA, where the market for luxury apartment rentals has been booming this year. Currently, apartments in Philadelphia have an extremely low vacancy rate of 4%, while rental rates have stayed comparatively stable, only increasing by 0.6%.
According to a March 19 Philadelphia Inquirer article, the Center City District alone added more than 1,700 new apartment units in 2013, which is the district's largest annual increase in apartments since it began tracking trends in construction in 1998. The census also showed that the Center City, or downtown, has seen a sharp influx in the number of young professionals living here and in surrounding neighborhoods throughout the last 15 years.
The average cost of living in the city of Philadelphia is about 0.7% lower than it is throughout the rest of Pennsylvania, and people are flocking to the city as a result.
Svetlana Mosyurova, marketing manager at Post Brothers, explains that Philadelphia's affordable rental rates make renting a luxury apartment attractive to many young professionals.
"We are seeing a major shift in consumer behavior in the Philadelphia apartment rental market as young professionals and families are staying in and around the city and looking for upscale amenities and services that are only available in a luxury Philadelphia apartment community," Mosyurova says.
Americans across the country are turning toward renting luxury apartments after the housing market crash of 2008 made banks' lending standards tighter and less accessible to prospective home buyers. Luxury apartments boast a higher standard of living, with special amenities, benefits and features that make them an attractive, more affordable alternative to buying a home, according to Mosyurova.
Post Brothers Apartments is located at 633 W. Rittenhouse Street in Philadelphia, PA. To learn more about the company's services, call (215) 586-4111 or visit them online at www.postrents.com.