Prices for premium apartments and condo rentals in the area are continuing to rise, forcing many transient workers who come to the Philadelphia region to opt for renting single-family homes instead, writes Katie Park for The Philadelphia Inquirer.
According to Barry Ludwig, principal of Conshohocken-based Ludwig Corp., prices have consistently increased in Montgomery, Delaware, Chester, and Bucks counties in the last several years.
Ludwig said that the median rent increase is in part due to growth in the education, medical, and technology sectors. This has opened up many employment opportunities for young professionals.
“The rents that they can afford tend to be the best product available on the market,” he said.
Developers have responded by rapidly adding luxury apartment complexes where two-bedroom units can easily run $2,000 or more.
Construction has been active throughout the region, including Upper Merion, Lansdale, and Bala Cynwyd.
But while some are willing and able to pay for the comfort and amenities that come with a higher rice tag, plenty are not able to afford that type of housing.
“Affordability is an increasing problem for all age groups, including millennials,” said Ludwig.
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