Philadelphia Apartment Buildings History and Overview
The city buildings that line the streets of Philadelphia are reminiscent of past eras, while the development of new properties has changed in design and regulation. From skyscrapers having become major landmarks to apartment blocks with incredible urban views, many famous buildings exist in the state of Philly including the Market Street skyscraper, Rittenhouse Square Apartments and the Alden Park Manor.
When looking to purchase apartments for future investment potential or as a residential home, professional industry tips may help you make a valuable decision. Investment properties have become a major undertaking in the city owing to its incredible architectural value and many apartment buildings from the 1900s that remain iconic structures of prestige today. The 11th tallest building in Market Street is a design wonder consisting of 40 storeys built in 1818. It provides an incredible square footage of office space and houses some of the top companies in the industry.
In downtown Philly, the Rittenhouse Apartment block surveys the local surrounds, offering an impressive 19 storeys that provide easy city living. Built in the 1900s, this impressive apartment provides modern condominiums for many residents. This building received its stamp of historic significance and while the interior has been modified, the exterior maintains much of its character and charm, quintessential of properties from its era.
Alden Park Manor is an example of prime residential property, having become operational in 1925 in the state of Philadelphia Pennsylvania. This large complex offers exclusive rentals and was developed by Lawrence Jones including a beautiful park setting. Overlooking the Fairmount Park, this significant architecture possesses many of the features that are characteristic of the apartment blocks designed and built in the 20th century but received modifications in 2015.
Rates of Return to Expect in the Apartment Buildings Sector
Improvements in the housing market over the last decade have shown favorable results in the rental industry. Urban development in Philadelphia Pennsylvania has spiked within 2 years and while housing sales remain moderate, research has indicated the demand for rentals is steadily on the rise. Growth in young and independent professionals in search of rentals, has led to ongoing developments and apartment renovations.
Demand for rental units has made investment into buildings for housing tenants a favorable financial venture. With many larger and older apartments being modified to accommodate the growing number of lessees, the expected rate of return in the apartment buildings sector is believed to sky rocket in only 2 to 3 years. While buying a house is actually more affordable than renting, the flexibility of a rental and central urban lifestyle remain much desired.
Apartments are sought by single occupants, but a demand for tenancy from small families remains. From single detached houses to spacious condos, the rental needs of tenants are diverse and have grown from around 4% in 2015 to 4.7% in 2016. The growth is based on the requirement for apartment and condo living in an urban setting.
Economic and market conditions all influence the rate at which rental vacancies are managed. In 2013 and 2014, when economic conditions were slow, the rental demand appeared to stabilize. Despite global downturn, the tenancy demands have remained favorable and called for the ongoing development and renovation of apartments and housing to accommodate these growing needs.
Construction in the city center has been planned to address the growing needs of students and smaller families interested in short term lease agreements. The main city has noted a growth of around 5% in 2016, a rise from its 4.7% the previous year. Valuable returns are set to rise for rental apartments making investment into older buildings in the heart of urban life, a favorable option for potential investors.
Ricardo Silva and the Apartment Buildings sector in Philadelphia
Ricardo Silva is a veteran in Philadelphia real estate industry and he can significantly contribute to the success of your apartment real estate purchase or sale. His many years of experience and his continuous participation in conferences and meetings within the industry make him a real estate pro. Nobody knows better about Philadelphia zoning, neighborhoods, trends, demand, cost rates and potential decision makers. With his professional assistance, you will keep up with the market and your opportunities to succeed will multiply.