Is Philadelphia a good place to buy a rental for the long term?

[Vashist D.]

I just wanted to clarify whether Philadelphia is a good place to start brrrring and renting, because I've seen so many crimes and murders. The properties are old and not much new construction, is it worth it within the next 50 years? 

[Matt N.]

@Vashist D.

Hi! The short answer is YES.

Everyone is 100% correct here. Neighborhood and even the block matters. I've been investing in rentals for 9 years now in Philly and I live in the city. I am happy to help you out determining where and when, and what price to pay. Reach out to me if you need an agent who knows the rental market and the city very well.  

As far as the 50 year outlook on Philadelphia: Philly is the cheapest big city in the northeast if you exclude Baltimore. Compared to NYC, DC, Boston, etc Philly real estate is sold at a huge discount. Investors from those markets are pouring in, I work with them often. If there is a balancing of wealth in the northeast, Philly goes up, those markets go down. Its that simple. Its attractive for that reason. Initially you may have some trouble, but the city is appreciating very quickly and the neighborhoods adjacent to "nicer" areas are also becoming nicer. I want to say that Philly will be a better rental play than flipping. But that's just a hunch I have and is why I buy and hold as many as I can here. Hope this is helpful!