According to a July 2 Bloomberg article, the national average rent price grew in the second quarter of 2014 by 3.4% to $1,099 a month, up from $1,064 a year before.
Currently, apartment vacancy rates are the lowest they have been since 2001, at just 4.1%; in the first quarter of 2014, the U.S. home ownership rate fell to a mere 64.8% according to Bloomberg, which is a 19-year low -- a clear sign that Americans are more confident with renting rather than buying.
This trend is especially true in Philadelphia, PA, where approximately 44,700 new jobs will be created this year in order to accommodate new graduates from local colleges and universities, according to a Marcus & Millichap report. This expansion of Philadelphia's workforce and local economy will result in a strengthened demand for rental housing near the city, which developers are striving to meet.
"The Philadelphia apartment marketplace is enjoying a surge of interest from millennials and young families who are looking for close proximity to work and a vibrant nightlife in a world-class city," says Svetlana Mosyurova, Marketing Executive for Post Brothers Apartments. "Post Brothers Apartments has a range of luxury rental apartments in Philadelphia for every budget to help meet this heightened demand."
Post Brothers Apartments is just one of the many apartment developers across America that are adding newly renovated luxury Philadelphia apartments and new development projects to accommodate demand and keep rent prices stable, Bloomberg reports. In the second quarter, developers across the country completed work on 33,210 new apartment units, compared to just 29,990 at the same time last year.
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 online at www.postrents.com.