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Portable Tenant Screening Report: A Comprehensive Guide
Discover the benefits and considerations of Portable Tenant Screening Reports (PTSRs), which offer a cost-effective, reusable screening option for tenants and require...
The Philadelphia Rental Market Trend Report analyzes four key data points: active listing growth, renter lead growth, average renter leads per property, and the average rent price for two-bedroom listings.
In the first half of 2020, active listings reported for Philadelphia followed seasonal and pandemic trends with a decrease month-over-month in active listings. Inventory spiked in July 2020, which may be correlative to out-migration trends from urban areas; August was on-trend seasonally, with a 37% increase month-over-month. In 2021, active listings have been very volatile with both increases and decreases – March saw an increase in listings of about 15% while April saw a decrease of 17% in active listings followed by a 29% increase in May.
Demand on the renter side has experienced similar volatility throughout 2020. We saw the most demand in June of 2020 with 165 leads per property on average – a very large average compared to the rest of the year. The next largest renter demand occurred in October with 106 leads per property on average. In 2021, average leads in Philadelphia have dropped and have not returned to pre-pandemic numbers. This may be another indicator that city and urban areas are experiencing greater outmigration and negative impacts from the pandemic. The lowest average for renter leads was just reported in May 2021 at 14.
Year-over-year the average rent amount for a two-bedroom listing is slightly up as of June 2021 sitting at $1,488. In Philadelphia, average rent only experienced small decreases and increases compared to other metro areas throughout the pandemic with the biggest dip in February 2020 and the largest increase in December 2020 at $1,562. In 2021, average rents have mainly been up month-over-month.
We will continue to update this data every month. If you have data requirements that are outside the scope of this article, please email [email protected]. We have ongoing data collection and are happy to supply another data set if it is available. Check out all of our COVID-19 landlord resources here.
If you are in the process of filling your properties, TurboTenant can help streamline your rental process with easy and free online rental applications as well as thorough tenant screening so you can find the best renter for your property.
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