In 2016, a record number of new residential units were
brought to market for a growing downtown population, with 2,506 new units
delivered in Greater Center City, a 15.5% increase over the previous high of
2,168. Of these, 73% (1,833 units) were rental apartments and 27% (673 units)
were for-sale housing. Six large projects of 100 units or more account for 73%
of all new apartments (1,331 units) completed in 2016. At the same time, 528
single-family homes and smaller multi-family developments spread across the
neighborhoods that extend beyond the downtown core, north to Girard Avenue and
south to Tasker Street.
Center City is benefitting from a national trend of
shifting away from home ownership toward rentals, while shrinking household
size also fuels demand for apartments. Density, walkability and convenient
access to restaurants, retail, culture, and medical care are appealing to all
ages and, particularly, to young adults and empty nesters. The fundamentals of
the homeownership market likely will remain very strong, but some excess supply
of new rental units coming in 2017 could cause rents to moderate and vacancy
rates to rise in some existing apartment buildings.
Download the fill report by going here…
Source: Center
City District
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