Thursday, December 12, 2013

The Rent Is Too Damn High

A developer began rehabbing an inhabited (until the rehab began) but pretty decrepit building around the corner from me awhile ago. It's a typical Philly rowhouse, probably about 16x60 with 3 floors+basement. I assumed it would be made into a single family home like basically every other similar rehab over the past 15 years or so, but walking by yesterday I noticed it was actually a multi-unit rehab (4 electricity meters). Apparently the rental market is getting pretty tight locally, as the rents on this new south Philly complex suggest.