Over the past 5 years, ever since the buying/selling housing market started to slow down, there has been a pattern for big, new development projects in Philadelphia. That pattern is renting over buying, and apartments over condos.
During the building craze, it seemed like every new project in Center City was a new condo high-rise. Why? Because when housing was hot, it was a seller’s market. Homes would not last 1 week on the MLS without ending in a heated bidding war. As we are all aware of now, that market has come and gone.
The good news is that housing has started to come back (in a slow and steady fashion), and developers are still building large projects in the city. The difference is that developers are opting for apartment projects over condominiums. Why? Because even though buying/selling has slowed, rentals are still a high priority in Philadelphia. Since everyone needs a place to live, it’s a good choice for development.
