Knowing what renters are looking for when moving to your area is important in renovating and marketing your property. Recent Apartments.com data reveals how renters search for rentals in Philadelphia, Pennsylvania.
What Renters Search For
If you’re looking to invest in a new property, here are some search statistics to help you decide what kind of property to invest in and how to craft the perfect property description.
Rental size
One- and two-bedrooms dominate 70% of Philadelphia searches on Apartments.com.
According to the U.S. Census Bureau, 39% of Philadelphia residents live alone, and the average household size is 2.18 people. This means that a large portion of Philadelphia residents live alone or with one other person. If you’re thinking about investing in a new property, a one- or two-bedroom apartment may be your best bet.
Price range
Apartments.com data shows an even spread across price ranges. Renters are prepared to pay more according to the type of rental they want and the amenities they prioritize.
This shows that property managers should work to price rentals fairly according to the property’s size, amenities, and value relative to similar rentals nearby. To help you analyze your property’s value, view your rent comp report and see what rentals like yours charge.
Keywords
When looking for a rental in Philadelphia on Apartments.com, renters are most likely to search with keywords like “character” or “style,” “rooftop access,” “new” or “renovated,” “specials” or “deals,” and “smoking policies.”
Including keywords like these in your property listing can help increase your exposure to renters searching by keyword. If you redid your property’s kitchen, mention that you have a newly renovated kitchen. If your property is historic, market it as a rental with character and a unique style. Running leasing specials for your property can also help attract renters searching by keywords and reduce your property’s vacancy.
Amenities
If you’re looking for ways to elevate your property or specific amenities to highlight in your property listing, look no further. Apartments.com data reveals the top amenities that renters search for when looking for a rental in Philadelphia.
The five most popular amenities in Philadelphia in 2024 are:
In unit washer and dryer
While some renters might enjoy the big-city rush they get from taking a trip to the laundromat, most will completely rule out a property without a washer and dryer. The up-front costs of purchasing and installing a washer and dryer may turn you away, but a washer and dryer can be a great selling point for many prospective tenants, decreasing your vacancy rates and the costs associated with tenant turnover.
If you’re worried about energy usage, installing a washer and dryer set with ENERGY STAR labels is a great way to save money. According to the U.S. Department of Energy, ENERGY STAR-certified washers use 35% less water than standard washers, and ENERGY STAR-certified dryers use 20% less energy than standard dryers. If you include utilities in the rent, you could increase your profit if a tenant’s energy usage does not require the entire portion of the rent that you have allotted for utilities.
Pet friendly
According to the U.S. News and World Report, Philadelphia is the sixth most popular city for cat owners and the 18th most popular city for dog owners. With pet-friendly parks, restaurants, and hotels, Philadelphia is a pet parent’s dream. Allowing pets in your rental can broaden your list of prospective tenants.
Making your rental pet-friendly may be daunting if you’re concerned about property damage, but it can increase your profit long-term. According to American Family Insurance, pet rent and deposits more than make up for any damage and liability that comes with allowing pets in your rental. Allowing pets in your rental can also increase tenant loyalty and minimize tenant turnover costs.
Air conditioning
While the City of Philadelphia requires landlords to provide a central heating system, central air conditioning is not required. According to Forbes, Philadelphia had an A/C ownership rate of 38.44% as of June 2023 despite being the sixth most populated city in the U.S. This means that installing an A/C unit will make your rental stand out, especially if it’s in a historic building.
It’s important to note that property managers are required to provide maintenance for any amenities and utilities they provide under the Philadelphia Property Management Code. This means that if you choose to offer A/C in your rental, you are responsible for keeping it in good condition and fixing it if it breaks.
Parking
Parking spots in a historic city like Philadelphia are few and far between, so offering parking is a great selling point.
Whether your property has street parking or off-street parking, highlighting parking availability in your property description can attract renters who prefer to commute by car and rule out rentals that do not offer parking. Make sure you also describe your parking policy in the property description, including parking fees, parking passes, and guest parking.
Dishwasher
Dishwashers are so commonly offered that not providing one can make your property stand out negatively. If your property is an older build, consider installing a dishwasher as a selling point.
The up-front costs of installing a dishwasher may not be appealing, but dishwashers can save you money in the long run. Because dishwashers are a major draw for renters, having one can decrease tenant turnover and vacancy rates. Also, dishwashers use less water than hand-washing dishes, especially those with an ENERGY STAR label. This means that, if you include utilities in your rent, you can increase your profit long-term by installing a dishwasher.
Understanding the preferences and behaviors of renters looking for a rental in Philadelphia is important for property managers aiming to maximize occupancy and profit. By catering to the high demand for one- and two-bedroom apartments and ensuring competitive yet fair pricing, property managers can make their listings competitive in the rental market by speaking directly to what Philadelphia renters prioritize. Emphasizing the top amenities not only meets the needs of potential tenants but also enhances your property’s appeal. Incorporating these elements into your property management strategy can help attract a broader range of renters and increase tenant satisfaction, ultimately reducing vacancy rates and increasing long-term stability.
Apartment rent data provided by CoStar Group’s September 2024 reports.
