With 8,000 mixed-use residences added between 2012 and 2021, Philadelphia is among the top cities in the nation for live-work-play apartments, writes Mike D’Onofrio for Axios.
The housing trend term describes a community that:
- Offers a variety of living options
- Provides proximity to commercial entities for employment (or offers onsite facilities for remote work, eliminating traditional commuting)
- Features amenities for entertainment and dining that are integrated into the property
These units account for close to 40 percent of apartments built in Philadelphia over the past nine years. That rate of construction represents the third-highest percentage in the nation, behind only New York City (49 percent) and Boston (42 percent).
Overall, the number of apartments in live-work-play buildings in the country has quadrupled compared with 10 years ago, going from 10,000 completed in 2012 to 43,700 completed last year.
However, while new buildings are being developed throughout the city, the Philadelphia region still trails other large metros nationwide in new apartment units expected to come online this year. In fact, the region placed at No. 22 among the U.S. cities in the number of new multi-resident rental properties set to be completed by Dec. 2022 (5,500 plus).
The city also has an insufficient amount of low-rent housing options, with affordable housing currently trending downward. Meanwhile, rents continue to grow due to inflation, with the median asking rent in Philadelphia reaching $2,439 in July — 11.3 percent more than last year.
Read more about current regional trends in live-work-play apartments in Axios.