SAN FRANCISCO, May 1, 2018 /PRNewswire/ -- Renters searching for
a new apartment in Philadelphia
will find nearly 32 percent more move-in specials now compared to
last year, including rent discounts, gift cards, ride sharing codes
and free streaming services, according to a HotPads®
analysis.i
HotPads analyzed apartment listing descriptions in the
Philadelphia metro area to find
the number of listings mentioning move-in specials. More than 80
percent of listings with move-in specials in Philadelphia offer rent discounts for renters
signing a new lease, while nearly 9 percent offer gift cards or
ride sharing codes.
Other common offers include mentions of free rent for a period
of time, cash bonuses, gift cards and free subscriptions to
streaming services. Renters can expect to find move-in deals
mentioned in about 1 in 100 Philadelphia area rental listings.
The median rent in Philadelphia
is $1,646, up 1.9 percent from a year
ago. Philadelphia's median rents
are relatively stable; the median rent has stayed between
$1,600 and $1,650 every month since October 2016. Flattening rent growth and a rise
in the number of move-in specials can come from similar changes in
the market – both can be caused by an influx of new supply or a
decrease in demand.
"The number of move-in specials in Philadelphia is on the rise as rent growth
softens and property managers look to attract qualified renters,"
said Joshua Clark, economist at
HotPads. "In Philadelphia, move-in specials are most common at the
high end of the market, but the number of listings mentioning these
deals is growing faster among the bottom two thirds of the market.
Renters looking to get in on this growing trend are more likely to
find move-in deals in Philadelphia's suburban cities such as
Limerick, where competition for apartments is typically
lighter."
Philadelphia's outer suburbs
have the most move-in deals. Within the city of Philadelphia, apartments in the Mount Airy
West neighborhood offer the most move-in specials, with nearly 13
percent of listings mentioning bonuses for renters who sign a new
lease. Gift cards are the most common concession in Mount Airy
West.
HotPads is a Zillow Group-owned apartment and home search
platform for renters in urban areas across the United States. For more information on
Philadelphia's rental market,
visit HotPads.com.
Rental Concessions in the Philadelphia Area by City
City
|
Median
Rent
|
Percent of
Listings Offering Concessions, Q1 2018
|
Most Popular
Concession
|
Philadelphia Metro
Area
|
$1,646
|
0.9%
|
Rent
discounts
|
Limerick,
PA
|
$1,450
|
26.0%
|
Rent
discounts
|
Cheltenham,
PA
|
$1,290
|
10.3%
|
Rent
discounts
|
Norristown,
PA
|
$1,275
|
3.2%
|
Rent
discounts
|
Cherry Hill,
NJ
|
$1,575
|
1.8%
|
Rent
discounts
|
Wilmington,
DE
|
$1,100
|
1.3%
|
Rent
discounts
|
Philadelphia, PA
(city)
|
$1,410
|
1.2%
|
Rent
discounts
|
Rental Concessions in the Philadelphia Metro
Tier
|
Percent of
Listings
Offering Concessions,
Q1 2018
|
YoY
Change
|
All
rentals
|
0.9%
|
31.8%
|
Bottom
|
0.3%
|
44.9%
|
Middle
|
1.1%
|
48.0%
|
Top
|
1.2%
|
16.8%
|
HotPads
HotPads is an efficient rental search platform for urban areas
across the United States, with
features designed for competitive markets such as map-based search,
real-time notifications and detailed information on landlords and
property managers that help renters spend less time searching and
more time feeling excited about their next home.
Launched in 2005, HotPads is based in San Francisco and is owned and operated by
Zillow Group, Inc. (NASDAQ: Z and ZG).
HotPads is a registered trademark of Zillow, Inc.
i HotPads analyzed apartment listing descriptions in
the Philadelphia metro area to
find the number of listings mentioning concessions in the first
quarter of 2018. For the purpose of this analysis, concessions were
defined as perks in the rental listing description offered to
renters signing a new lease. The full list of concessions analyzed
includes: free rent (i.e. mentions of free weeks/months of rent, or
listings mentioning "no rent for" a length of time), waived
deposits, cash bonuses, gift cards, no rent increases for a length
of time, ride sharing promo codes, and free streaming service
subscriptions (including Netflix, Hulu and Amazon Prime).
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SOURCE Hotpads, Inc.