Written by Carlyle Property Management on 16.02.21
Finding the right luxury apartment is not a walk in the park. After all, it is important to find an apartment that checks all the boxes: location, size, amenities, and more. It can be tough to find an apartment that meets your exact specifications, especially if it is your first time in the apartment hunting process. And after taking personal preferences into account, the pandemic has introduced even more variables that can make finding the one more challenging. It goes without saying that the approach for scouting Philly’s luxury apartments today is different than the years before. Here are some of the things you need to know about the apartment hunting landscape in Philadelphia in 2021.
The pandemic brought about social distancing restrictions that remodeled the process of searching for apartments in Philadelphia. It has become very difficult for agents to showcase the houses to potential buyers. Agents have resorted to using technology to showcase apartments to buyers from remote locations. These agents use an array of technological solutions to reach out to renters. For instance, by making recordings of the apartment and sending them to the clients. Alternatively, the agents encourage renters to go to their websites and check out photos and 3-D tours of the properties. It is possible to hunt for Philly apartments without moving from your location in 2021. However, some renters of vacant apartments are allowing individuals to physically view the houses without their agents.
The pandemic in Philadelphia transformed neighborhoods in terms of demography. Gone are the days when apartment owners were predominantly older. Millennials who are on the verge of starting their families are renting more apartments. When hunting for apartments in Philly, don’t be surprised when you bump into a lot of young tenants.
New Yorkers have also been migrating to Philadelphia for a while now. The pandemic exacerbated this trend since people were working from remote locations. This gave them the freedom to live in places further from their workplace. New Yorkers, therefore, started to come to Philly to look for luxury apartments. Philadelphia’s apartments can be relatively affordable making them attractive to New Yorkers. The next time you drive around Philly’s neighborhoods there’s a possibility you’ll bump into a lot of people with the New York culture.
Pennsylvania removed its restrictions on sales in real estate in May 2020. This move resulted in a drop in prices for houses in the city and the suburbs. If you are looking to rent an apartment, this is the time to cash-in. The suburbs host Philly luxury apartments that are spacey. If space is your main consideration in an apartment then it is better to start hunting from the suburbs.
Hunting for an apartment amid the Philadelphia pandemic can be tiresome. However, several apartments are still available for rental in different parts of the city. The pandemic has diversified the demography of Philly so you’ll be living in a metropolitan area. There are plans to roll out a COVID-19 rental assistance program in Philly this year so make the move before it’s too late. A little assistance during the pandemic won’t hurt.