How is Philadelphia for Rentals?

Question

How is Philadelphia for rental properties? Is it a good area to invest in rental units?

What’s the average rent for Philadelphia, PA?

Any areas in particular I should stay away from ?

Any areas in particular I should look for?

Troy Sheets · Answer

These questions are way too broad. Imagine me asking you these questions but about NYC. You can't answer any of these, at a minimum, without knowing more about my current situation, goals, experience, finances, etc., correct? You're going to have to put in some work and get laser focused on a niche (SFH, MFH, rehab, new construction, BRRRR, turnkey) and a few neighborhoods and then you can start asking specific, targeted questions. As an example, for the past 6-7 years I focused on 2 neighborhoods only in all of Philadelphia and happened to do only two projects out of 40+ outside those two neighborhoods because they fell in my lap and were no-brainers. I'm pretty well priced out of the two neighborhoods I started in and have moved onto a few others and I only focus on those two newer to me neighborhoods now. I probably miss a lot of deals in other areas but the flip side is, when I see a deal in my area, I'm 100% confident it's a deal due to the laser focus I mentioned and I've managed to get 30+ units in my pipeline in just under a year.

I'd advise you to spend some time driving around Philadelphia, learning some areas, defining your niche, and then becoming an expert in your niche and the few areas you choose. This can always grow and evolve but if you start off targeting all of Philadelphia I think you'll have a hard time ever finding a good deal.

Sheryl Sitman · Answer

@Fab Ragh Listen to @Troy Sheets - I been watching what he does in Philly and he knows what he is talking about! I myself have done some 70 buy and hold projects in this part of PA - not only Philly but lots in Philly. It is a competitive market and since you asked - yes, it is a good rental market IF YOU KNOW WHAT YOU ARE DOING. I would guess most any major city is a good rental market for those who know what they are doing in that city. RE investing is not easy especially right now with it being sooooo competitive -- and there is a learning curve wherever you do it.  I work in other states as well and it takes me  time to learn a new market, but I have a strategy, budget, vision...   If I were you, I would consider jumping the learning curve a bit and getting someone to show me the ropes here - the neighborhoods, the development plans, the tax issues and incentives, the logistics of being a landlord, and maybe even help to build a local team.

Account Closed · Answer

following....

Troy Sheets · Answer

Top of the post is a button you can click that says “Follow” and will accomplish the same thing without sending notifications to everyone already following.

How is Philadelphia for Rentals?

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