July 12, 2010, 5:13am EDT
source:
http://www.bizjournals.com/philadelphia/...t_market_bouncing_back.html?ana=e_du_pub
Phila.-area apartment market bouncing back
by Natalie Kostelni Staff Writer
Philadelphia Business Journal
12 JUL 2010
The apartment market throughout the region appears to have stabilized and is showing signs of strength, according to a midyear report.
This means the local economy continues to gain strength as people gain employment and no longer need to temporarily live with family or double up roommates to make ends meet, and landlords are beginning to gain the upper hand again, drawing to a close a market in which renters got free rent and other lucrative terms.
While the national apartment vacancy rate came in at 7.8 percent, the overall vacancy rate for the Philadelphia metropolitan area stood at 4.2 percent, down from 6.9 percent at the midpoint last year, according to Delta Associates, an Arlington, Va., real estate research firm.
The best showing was in
Center City, where the vacancy rate dropped to 1.9 percent from 7.6 percent at the same point last year, and rents zoomed upward by 7.4 percent to an average of $1,918, or $1.88 a square foot.