When you’re moving to a new area, it can be difficult to get adjusted right away. If you don’t research the city or surrounding neighborhoods, you might not know what to expect. Additionally, if you’re looking to purchase a rental home in Philadelphia, you’ll likely want to do so in a suitable location where people would like to live. If you’re not sure where to invest this year, take a look at a few of the up-and-coming neighborhoods in Philadelphia.
About Philadelphia and its Neighborhoods
If you’ve ever been to Pennsylvania, you know that Philadelphia is a city of neighborhoods. So no matter what type of lifestyle you’re looking for, there’s a perfect place for you in Philadelphia. The city has over 150 neighborhoods amidst several bars and restaurants, museums, sports arenas, and historical parks.
There are a few primary regions of Philadelphia, with several neighborhoods inside each. Some of the general regions of Philly include:
- Far Northeast Philadelphia
- Near Northeast Philadelphia
- Olney-Oak Lane
- Upper North Philadelphia
- Lower North Philadelphia
- Germantown/Chestnut Hill
- West Philadelphia
- Center City
- South Philadelphia
- Southwest Philadelphia
While there is a neighborhood in Philly for everyone, you may be wondering what areas are best to invest in. Perhaps you want to buy a vacation home here or expand your rental business in Philadelphia. Either way, let’s go over a comprehensive list of the top up-and-coming neighborhoods in Philadelphia.
Top 5 Up and Coming Neighborhoods in Philadelphia
Philadelphia is a busy, bustling city with activities for the whole family to enjoy. Philly has got it all, from historic museums to sports venues and all the bars and restaurants you could wish for. If you’re looking for new things to do in the area, here are a few facts about the top 5 up-and-coming neighborhoods in Philadelphia.
- East Mt. Airy
- Washington Square West
- University City
East Mt. Airy
East and West Mount Airy are neighborhoods located in Northeast Philly, with East Mt. Airy being the area’s main focus. East Mt. Airy has quickly become known for affordable housing, safe streets, and an abundance of retail shops, restaurants, and office locations.
The housing in East Mt. Airy is highly diverse, ranging from 20th-century Victorian-style homes to modern low-rise apartments. Either way, housing in East Mt. Airty is fairly affordable, and the city is great for young business professionals. Additionally, there are several great schools in the area if you have school-aged children.
Next on the list of up-and-coming neighborhoods in Philadelphia is Brewerytown. As the name suggests, Brewerytown is known for the 20-plus breweries that operated back in the day. However, many of these breweries have now been converted to apartments or condos these days. Not to worry–there are still several breweries in Brewerytown for you to try out.
Brewerytown is famous for its desirable location, situated close to Center City and Fairmount Park. As for things to do in Brewerytown besides drinking, there are several coffee shops, bars, and restaurants to keep you busy. Additionally, there are several schools in the area, including The City School, Camelot Academy of Philadelphia, and more.
Fishtown lies along the Delaware River and has quickly become an up-and-coming town known for trendy art, culture, and entertainment. As you can probably tell, the city got its name from its significant role in Philadelphia’s commercial fishing industry. However, the town is now home to stand-out bars, restaurants, galleries, and studios.
Although rental rates are a bit high in Fishtown compared to other neighborhoods, the city has several unique features that attract all types of people. Fishtown is exciting for newcomers and long-time residents with popular music venues and well-loved local hubs.
Washington Square West
At the heart of Center City, Washington Square West is located around Washington Square Park, as you may be able to tell from the name. Residents in Washington Square West enjoy quiet walks to surrounding neighborhoods, such as Old City.
Additionally, Washington Square West has several sports bars, taprooms, and breweries if you’re into bars and restaurants. So, if you’re looking for an exciting place to mingle and meet new people, Washington Square West has several aspects that appeal to all types of renters.
With a few of the city’s largest universities, University City’s housing is relatively diverse, including more than just campus living. However, most of the town is dominated by rental units. In fact, only about 10% of residents own their homes in University City.
University City is emerging with a range of new businesses, ranging from healthcare to biotechnology companies. University City is one of the best neighborhoods for young professionals and college graduates. So overall, if you’re looking for a hip, up-and-coming neighborhood in Philadelphia, University City may be right for you.
What to Consider When Selecting an Area to Rent
Whether you are looking for a new home to live in or a new rental home to expand your business, you want to look into your new property’s neighborhood. At least, you should become familiar with some of the main towns and cities nearby and some basic information about the area. Here are a few things for landlords to consider when selecting an area to rent:
- Are there local attractions nearby?
- What are the job opportunities like?
- What is the current crime rate in the area?
- Is the neighborhood walkable?
- Are there good schools in the area?
- What is the average rental rate in the area?
Before you determine a rental property to live in, you’ll want to pay close attention to the rental rates. Most landlords set competitive rental rates, so make sure you compare and contrast with other rental properties in the area.
Rental Rates in Philadelphia
When it comes to rental rates in up-and-coming neighborhoods in Philadelphia, it depends on the location. For example, in areas such as Brewerytown and Fishtown, rent is cheaper, averaging around $1500 to $2000.
On the other hand, rent is more expensive in areas like Washington Square West and University City, ranging from $2000 to $3500.
Best Neighborhoods for Investors
When it comes to finding good neighborhoods for rental properties, it’s important for landlords to think like tenants. What do your tenants want in a rental property? Does your rental satisfy most renter’s needs? After all, if you invest in rental property, the goal is to have someone living there so you can profit on monthly rent. That said, it’s extremely important to find a good neighborhood that will attract quality tenants.
Some of the best areas for Pennsylvania investors to consider are up-and-coming neighborhoods in Philadelphia. Whether you want to expand your rental business or become a landlord for only a few properties, it’s crucial to understand what your tenants want. Additionally, if you’ve found yourself overwhelmed with too many rental properties to manage, talk to your local property managers in Philadelphia for assistance.
Neighborhoods with fun things to do and see within walking distance are a massive hit for rental properties. However, it’s equally as important to find safe and secure neighborhoods for tenants. Overall, the best way to pick a neighborhood to purchase rental property is to think like a tenant–what type of area would you like to live in?
Want to Successfully Expand Your Rental Business?
Whether you are looking to expand your rental business or get help managing your Bucks County rental properties, Bay Property Management Group can help. Our trained and knowledgeable professionals are here to help with your day-to-day rental property needs. We offer a full-service approach to property management to help maximize your investment’s potential.
Contact Bay Property Management Group today if you need rental property management services in Baltimore, Philadelphia, Northern Virginia, Washington DC, or surrounding counties.