“Repurposed, remodeled, and revamped.”
These words are being used more and more in the construction boom that Philadelphia is currently experiencing. Every week there seem to be new restoration and renewal projects proposed, or announced, in what are currently just dilapidated or un-used buildings.
What has been fantastic to watch is the effort and time developers have put into keeping the character and integrity of these architectural slices of history. Structurally, Philadelphia is an extremely diverse city with tons of variant architectural elements scattered throughout its limits. Keeping this personality alive is of utmost importance for the city.
has done a fantastic job detailing the many different developments.
Some of my personal favorites are below.
Converted West Philadelphia high school in the apartments named “The West Lofts
The old adage about grass being greener can be used in almost any situation, but because shelter is a basic human need, pretty much all of us can find something about our living situation, be it renting or owning, that we’d rather not have to deal with and could imagine being better if only we had chosen the other option.
A recent survey conducted by Trulia has found that nearly half the respondents had at least something to complain about after their decision. A whopping 71% of Millennials polled were disappointed.
- 44% of homeowners took issue with their purchase or the process they went through to get it.
- 41% of renters said they wish they had bought instead, despite the fact that 1 in 4 respondents with a household income above $100,000 said they didn’t even think they could afford to buy. A forlorn renter might ask, “What could possibly be wrong with owning?!” Well, the survey has a response: size does matter, apparently.
- 33% of homeowners wish they had gone bigger. (Sorry, tiny home lovers) Interestingly, 9% – a fair shake – wish they had gone smaller. (Are McMansions finally losing appeal?) For owners, another oft cited regret was the amount of remodeling they had done or not done:
- 26% said they wish they had made a different decision in that department.
So what about those remorseful renters who wish they’d bought?
Experts say they should make sure to do as much research as possible. A lot goes into buying a home, and you don’t want to make such a large purchase just to end up like those regretful owners living forever unsatisfied with their choice.
Buy when you have your sights set on long-term goals and have done all you can to pay down other debts and save up a considerable down payment. Do a lot of research and preparation, and give yourself firm boundaries before you start looking for your dream home. Shopping, falling in love, then figuring out how to buy that property is “not a recipe for success”.
Remember that while renting can be a pain, owning will come with taxes, insurance, maintenance, and more – all on top of that mortgage payment. And, experts say, be prepared to stay because you typically cannot break even until at least five years after your purchase.
Social media is booming! In the real estate business, the use of social media platforms has become a sure-fire way to reach out and connect with your local market. Today, renters and home buyers expect businesses they work with to engage on social media, which is why it is important for real estate agents to make a presence on platforms like Facebook, Twitter, Snapchat, and Instagram. Social media gives real estate agents the opportunity to brand their real estate business by creating a business page that allows them to generate interest and leads without a huge financial investment. All social media platforms can provide important social engagement that can benefit building your business in different ways. Below are a few tips to properly use social media for your real estate business.
1. Post at the Right Times – You need to be posting when your followers are actually online—not when it strikes you or you “have the time.” You also want to make sure you post consistently and frequently. One or two posts a week won’t accomplish much; you need to be posting daily. It is easy to be overwhelmed and lose momentum, but having a plan will help.
2. Vary your Posts – Every social media platform reaches a different audience and is made for different types of content. You want to post the proper media on each platform and use networks that align with your goals. You also want to be sharing content that is relevant to clients in your town or city. Along with property postings, mix in other content, such as neighborhood news, home maintenance, design and repair tips, and advice for renting, buying, or selling. Most experts suggest following the 80/20 rule, so for every two promotions you share, post eight pieces of informational or educational content.
3. Track your Growth- Many social media management sites allow you to track your growth by showing analytics and engagement, which will give more insight on what is working with your audience.
The Rental Beast Platform allows you to capitalize on social media by directly posting new and attractive listings directly to your Facebook and Twitter pages. With the largest database of listings in the DMV area you will have a leg up on your competing agents. Working with our Broker Support Team, you can learn some valuable tricks for how to strategically use social media and connect with a larger audience.
Rental properties are becoming the norm in almost every market across the United States. Those seeking a new home are making the decision to rent at an increasing rate; so much so that the supply is having difficulty keeping up with the demand. Though the market is expanding and catering to the renter, it can be a challenge to get a handle on the ideal price. Because of this, we’re happy to provide you with a glimpse at what under $2000 in rent will get you in one of our most popular markets! —RentalBeast.com
A new report from RENTCafe, a real estate research site, has listed the most expensive cities to live in the United States by averaging the rents of buildings with at least fifty units.
Among the top five are two cities in the Greater Boston area: Boston and Cambridge. According to RENTCafe, Boston was number three on the list of Top 10 Cities with the Highest Rents with an average rent of $3180, topped only by Manhattan, NY, at number one, and San Francisco, CA, at number two. Cambridge was number five on the list with an average rent of $2957, which was only slightly less expensive than San Mateo, CA.
Perhaps a direct result of urban areas demanding such high rent, the U.S. Census Bureau has reported that urban renter household renter growth has been overtaken by suburban renter household growth in nineteen of the top twenty largest U.S. metros. Boston is number five on this list and around sixty percent of renters are in the suburbs where they can save an average of around $800 a month compared to the city.
RENTCafe expects to see an increased number of suburban construction projects in the new few years as experts are saying that the next trend in multifamily is expected to happen in the suburban apartment markets.
Rental Beast‘s coverage area in the Boston market includes Greater Boston and the surrounding suburbs, as well as the rest of Massachusetts, and the states of Rhode Island, New Hampshire, and Maine.
A recent study from the Chamber of Commerce for Greater Philadelphia reported an unexpected 93% of young professionals
currently living in Philadelphia said there is a good chance their next job would be in the area as well. Furthering the optimism, the same study also reported that 42% of the people who responded were homeowners and 29% plan to buy a home in the next three to five years.
So why are professionals currently choosing Philadelphia as a place to call home?
A recent report could point to the answer. As PhillyMag
“Philadelphia is growing jobs at a faster pace than New York for the first time in at least 25 years, according to data complied by the regional chapter of the global commercial real estate firm CBRE.”
For a city that has long been an afterthought for millennial and young professionals settling down, this study brings extremely welcome news. The area is home to some of the nations top Universities such as Penn and Villanova, so it is no surprise the “Eds and Meds” sector is leading employment opportunities. Fast paced growth was also seen in the transportation and warehousing sectors.
As highly educated young professionals continue to stay the area, it seems as though the “Eds and Meds” model should continue to create employment growth in the area for years to come.
Adam Ozimek, a senior economist at Moody’s Analytics in West Chester, was recently interviewed by Philly.com and is excited by the growth in the Philadelphia area:
“There’s clearly optimism. It’s a very exciting time to be watching the Philadelphia economy, that’s for sure. It feels like there’s a possibility that Philadelphia could be like one of those mega-cities.”