According to a recent article from Philly.com, one housing segment in Philadelphia doing well amongst the recession is rentals. A lot of demand for rentals in Philadelphia is for short-term rentals of 4-6 months and a lot of these short term renters are actually buyers who have sold their homes and are in the process of looking and biding their time until they find the right house.
The under $2,500/month market is strong but the upper end is even weaker than it was in 2008. A report from Marcus & Millichap suggests that job creation will push down vacancy rates and reverse most of the 2009 rent decline. Once vacancy rates are improved asking rents will rise and based on the above reasons for a lot of these rentals, some foresee the for-sale market recovering by the second or third quarter of 2011.
Check out the full article at Philly.com
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