1st May, 2015
Demand for Center City Philadelphia Apartments on the Rise

According to a new report, entitled Center City Reports: Housing, Sustaining Momentum, published by the Center City District/Central Philadelphia Development Corporation residential construction in Center City maintained a very strong pace in 2014 as 1,983 new units were brought to market, including 1,358 apartments, 183 condominiums, and 442 single-family homes, with rental rates increasing in nearly every neighborhood in Greater Center City, according to a new report,

The ratio of Center City developments seem to be consistent with recent historic trends: 75% Center City apartments, 15% single-family homes in Center City, and 10% condominiums in Center City.

The primary motivation for people seeking to move to Center City is convenience.  Residents are able to commute to work without a car and can walk to some of the city’s best restaurants, entertainment, arts, historic and nightlife attractions.  In Core Center City, the report estimated that 71% of residents are able to commute to work without a car, and in the extended neighborhoods, more than half the residents arrive at work without a car.

From its humble beginnings as a shoe factory through its time as a haven for graffiti to its renaissance as a luxury apartment in Philly, Goldtex Apartments in Philadelphia is a great example of how downtown Philadelphia has changed over the past several years and mirroring the trend toward city living for a new generation of residents seeking comfort and luxury amid the hustle and bustle of downtown Philadelphia.

Millennials (generally defined as young adults born around the year 2000) make up 47% of the population of Core Center City and a major influx of empty-nesters, motivated by many of the very same amenities that attract millennials, have contributed to a surge of demand for downtown housing and greatly expanded the traditional boundaries of Center City.  It is interesting to note that the number of households drops in Center City among the 35- to 44-year-old bracket, the report suggests that as incomes rise and couples start families, people leave for the nearby suburbs.

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