A researcher from the Lindy Institute for Urban Innovation at Drexel University tells a tale of two housing markets—rental and for-sale—in the City of Brotherly Love.
"Developers could build a record number of rental units in Philadelphia in 2022," reports Aaron Moselle for WHYY.
"Based on the volume of building permits approved by the city’s Department of Licenses and Inspections in 2021, the final figure for the year could balloon to 10,000 — more than triple the average annual total of 3,000 to 4,000 new apartments," adds Moselle.
Developers ramped up permitting activity in 2021 to take advantage of the city's existing ten-year tax abatement for new construction, which is scheduled to begin shrinking by 10 percent in 2022, according to Kevin Gillen, a senior research fellow with the Lindy Institute for Urban Innovation at Drexel University, who is responsible for the data driving the narrative of the article. Still, the development activity suggests that developers are bullish on the Philadelphia rental market, according to Gillen.
As noted by Moselle, the wave of development interest in the rental housing market is juxtaposed with a roller coaster in the for-sale housing market. "Last summer, home prices were up 20%. They’re now up just 10%, a noteworthy drop and a potential sign that prices could level out sooner rather than later," according to Moselle. The article includes more details on the affordability of Philadelphia (spoiler alert, Philly is the least affordable housing market in the region, according to Gillen).
The market pressure for new developments has led the city to beef up its historic preservation efforts in recent weeks and months.
FULL STORY: Philly is on track to build a record number of apartments in 2022, analyst says
HOAs Fight Back Against Institutional Investors
A growing number of homeowners associations around the country are using old legal tools to keep institutional investors from buying up, and renting out, the neighborhood.
Berlin Voters Want to Expropriate 240,000 Apartments
A potentially watershed vote in the German capital.
Record Number of Single-Family Rentals Reflect the Expensive U.S. Housing Market
Home builders are building a record number of single-family rentals, and young, modest-income households with children are more likely to live in those new homes.
Trump Administration Could Effectively End Housing Voucher Program
Federal officials are eyeing major cuts to the Section 8 program that helps millions of low-income households pay rent.
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
Ken Jennings Launches Transit Web Series
The Jeopardy champ wants you to ride public transit.
Washington Legislature Passes Rent Increase Cap
A bill that caps rent increases at 7 percent plus inflation is headed to the governor’s desk.
From Planning to Action: How LA County Is Rethinking Climate Resilience
Chief Sustainability Officer Rita Kampalath outlines the County’s shift from planning to implementation in its climate resilience efforts, emphasizing cross-departmental coordination, updated recovery strategies, and the need for flexible funding.
New Mexico Aging Department Commits to Helping Seniors Age ‘In Place’ and ‘Autonomously’ in New Draft Plan
As New Mexico’s population of seniors continues to grow, the state’s aging department is proposing expanded initiatives to help seniors maintain their autonomy while also supporting family caregivers.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
Heyer Gruel & Associates PA
Ada County Highway District
Institute for Housing and Urban Development Studies (IHS)
City of Grandview
Harvard GSD Executive Education
Toledo-Lucas County Plan Commissions
Salt Lake City
NYU Wagner Graduate School of Public Service