Anyone who has lived in Philadelphia long enough knows that the housing market has made a complete 180 in just a few short years; once abandon and practically deserted in some areas, the city is now vibrant and full of life, with home values on the rise every day.
One of the areas of the city that has seen the highest growth is South Philadelphia. This part of the city has shown as astronomical eight percent rise in home value over a little less than one short year, causing homeowners to jump towards their nearest rental property management company in Philadelphia. But what has caused this massive and speedy growth? Read on to learn about why South Philadelphia is expected to continue to grow even further!
- It’s got just the right amount of access. New grads and empty-nesters are finding themselves flocking to South Philadelphia thanks to its ease of access via public transportation to more nightlife-centric and expensive areas of the city. South Philadelphia provides easy access to Rittenhouse Square for the best of eating out and is less expensive. Plus, the area wins points with the college crowd for its easy access to University City.
- New Yorkers are heading south. The Big Apple is feeling the Brotherly Love! Housing data consistently shows that New Yorkers are moving out of the city in order to pursue a more affordable lifestyle in South Philadelphia. This is especially common with younger couples who have started to have families and want to be able to provide more space to their children, according to companies providing condo property management in Old City.
- Young professional have made the area trendy. One of the reasons why so many people want to move to South Philadelphia is because young professionals historically moving in have made the area particularly trendy with a number of unique restaurants, markets and coffee shops popping up all over the area!
If you wish to learn more about why the South Philadelphia market is hot, contact our helpful team here at DJCRE Property Management today!