UndercoverPhilly t1_jee43vo wrote on March 31, 2023 at 10:50 AM

Reply to comment by BUrower in [Inquirer] Census data shows Philadelphia population drop in 2022 by _crapitalism

Not really. There re lots of new luxury buildings but it is not keeping rents lower. I live in an old building. They are raising our rent more this year than any other since 2015. Im sure they’ll get it since most people leaving are doing so because they can’t afford the increases not because they want to jump into a luxury building and pay $2000 plus for a 1 bedroom. They are moving to more dangerous neighborhoods with cheaper rent or downsizing to a studio. Someone who needs to pay less will move into my building, not someone looking to pay more. This story is being repeated constantly since 2021. Ive heard it from many people (this is anecdotal of course).

According to other articles I read, the average rent in Philadelphia increased by 10% in 2022. I was planning to buy but there is nothing coming available that I can afford—unfortunately I was not ready last Spring when there were many options. My salary hasn’t kept up with the increases so unless I move to another neighborhood or downsize I won’t be accepted into any other building since I’m not making 3x the rent.

BUrower t1_jee8zfc wrote on March 31, 2023 at 11:43 AM

If landlords are able to raise rents that much, it’s because there is a shortage of housing units. There really isn’t “lots of new luxury buildings.” There are a handful of true luxury apartments and another handful of new construction apartments that have opened recently, but as a percentage of total housing inventory, it’s nothing, not enough to keep rents down.

What you described is a direct result of the city not allowing enough housing, there is an under supply. The city could 1. upzone the more desirable neighborhoods, especially those walking distance to transit .which would permit more housing units on a given parcel 2. Remove burdensome parking minimums and zoning overlays.