||# of Agencies
|Single House or Condo
|Home Owners Association
|Total Local Companies
The average rent for a 3 bedroom house in Philadelphia, PA is $1,414.00. When you receive your requested free market assessment, compare the average rent to what a property manager expects your property to rent for before making your decision on which manager to hire.
Philadelphia, PA Rental Market Overview
Steady Employment Growth and Declining Vacancies Fuel Philly Optimism
With more than 40,400 new jobs added in 2013, Philadelphia's total employment is almost back to pre-recession peak levels, but recently a November 2013 report by the Bureau of Labor Statistics indicated that the over-the-year percent change in employment is slightly beneath the U.S. average. Considering the city's low 3.1% vacancy rate and modest new unit construction, rental indexes like the Marcus & Millichap 2013 National Apartment Report (NAR) give Philadelphia consistently positive comments, ranking it 19th in both 2012 and 2013. There were 1,800 new apartment units completed in Philadelphia during 2013, the most in half a decade and more than half in Center City, but new jobs should absorb most or possibly all of these additions. The NAR points out that it's difficult for any apartment market to go much lower than 3.1% in vacancy, but the report anticipates that the range will remain close to this level for the short term, which should enhance income from tenants in the Philadelphia metro area.
Are Your Asking Rents in Line with Your Competitors' Properties?
Unlike some areas of the country, and at the time this was written, Pennsylvania doesn't have established limits on rental amounts or controls. In tightening markets like Philadelphia many small or independent landlords will look around at competitor's websites and newspaper listings before adjusting their asking rents. Raising rents on your existing tenants can sometimes create volatile situations, especially if your renters live in Class B or Class C units and suggest that the increase has little to do with a tightening market. That's one reason why landlords and private property owners frequently consult with a real estate professional at a local Philadelphia property management company. In addition to providing tenant screening and maintenance coordination services, property management companies usually employ lease specialists who understand asking rates and have extensive experience in implementing rent increases. While tenants are never happy about a rent increase, a professional and fair presentation of important economic considerations can justify your reasoning as fair, and possibly keep your best tenants for many years to come. Take a moment to review our listing of Philadelphia property management companies and then ask for more free information today.
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