Philadelphia, PA: The City of Brotherly Love
With 1,603,797 residents, Philadelphia is the most populous city in Pennsylvania and the sixth-most populous city in the United States. Often referred to as simply Philly, this city is the home of over 60 recognized National Historic Landmarks as well as Independence Hall, a World Heritage Site. Colleges and universities located in the city include the University of Pennsylvania, Drexel University, Temple University, and Thomas Jefferson University.
Philadelphia also has a vibrant arts and culture scene. Some of the most famous museums in the city include the Pennsylvania Academy of the Fine Arts, the Philadelphia Museum of Art, the Franklin Institute, the Mütter Museum, and the Rodin Museum. There are also several performing arts facilities that call Philly home, such as the Kimmel Center for the Performing Arts, the Walnut Street Theatre, and the Academy of Music.
The city also holds events like the Mummers Parade, the Saint Patrick’s Day Parade, and the Philadelphia Folk Festival. As for local cuisine, Philly has been influenced by many cultures, particularly Italian. Famous dishes include stromboli, hoagies, and, of course, Philadelphia cheesesteaks. Other notable sites include Eastern State Penitentiary, the Liberty Bell, the Barnes Foundation, the Reading Terminal Market, and the Philadelphia Zoo.
What Is the State of Philadelphia’s Rental Market?
The rental market in Philadelphia is quite favorable to landlords and property owners. For one thing, properties are relatively affordable here. The median listing price for a home in this city is $260,000. Philadelphia also boasts a large renter population. In fact, 47% of its residents are renters.
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In addition to this, Philadelphia also provides landlords with above-average rental income. The average rent for an apartment in Philly is $1,736. This is significantly higher than the national average. Moreover, 26% of apartments in this city fall between the $1,501 to $2,000 rental range, and another 26% command a rate above $2,000. Only 11% of apartments fall between the $700 to $1,000 rental range.
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Philadelphia also has a decent vacancy rate. In 2019, the national vacancy rate was 5.97%, whereas the vacancy rate in Philly was 5.13%. To top it all off, state laws in Pennsylvania gear more towards the landlord’s favor.
Why Go With a Philadelphia Property Management Company?
Property management is no easy feat. After purchasing your rental property, you need to perform a number of responsibilities and tasks to earn a decent income. For many landlords, the time and effort just aren’t worth it, leading them to contract the help of a property management company in Philadelphia.
How can a rental property management company help you exactly? The answer is simple — they do your job for you. While services can vary from one company to another, they generally include finding and screening tenants, showing your property to interested applicants, setting and collecting rent, overseeing and enforcing the lease, handling maintenance, and responding to tenant concerns. Many companies also process evictions.
How do you know it’s time to get help from a professional Philadelphia property management company?
- If you lack the time to dedicate to rental property management;
- If you don’t have enough skill or expertise in rental management;
- When you live far from your rental property or properties;
- If you dislike being a landlord or simply lack interest in the job; and/or,
- If you own too many rental properties.
Find Capable Philadelphia Property Management Companies
The hunt for the best Philadelphia rental management company can be exhausting. Start your search right with the help of Rental Choice’s online directory. We list down property management companies by area, including ones in and around Philadelphia.