Suburbs Continue Outperforming Philadelphia in Apartment Market

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Montgomery County and other suburbs keep outperforming Philadelphia in the multifamily market that is seeing a decrease in rents and an increase in vacancies. Image via Core Development.

Montgomery County and other suburbs keep outperforming Philadelphia in the multifamily market, recording somewhat stable rents and encountering no issues with filling vacancies, writes Natalie Kostelni for the Philadelphia Business Journal.

In Ardmore, Cricket Flats, a 77-apartment complex that opened around a month ago already has 50 units rented out. Units range from 1,200 to 1,300 square feet and rents so far average out to $3 a square foot.

The complex is the third project completed by Core Development along Lancaster Avenue. While the developer had success with its other developments, the pace at which it has been renting apartments at Cricket Flats was still surprising.

“It’s fast,” said Peter Staz of Core Development. “I think it’s a pretty good example of a suburban-urban location and we made good choices on where we spent money.”

Other local multifamily developments have recorded similar successes. As a result, the suburbs have seen a decline of just 1 percent in rents in the third quarter, while Philadelphia saw a decrease of 4.7 percent.

Meanwhile, the vacancy rate in the suburbs stabilized at 3.3 percent, compared to 2.7 percent a year ago.

Read more about the apartment market at the Philadelphia Business Journal by clicking here.

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