Philadelphia STR Strategy

[Austen Mueller]

Hey BP family! I'm looking to learn more about the Philadelphia STR space. I would like to hear some insight into your deals. I am an agent and have a client interested in doing this. What are things we should keep in mind locating and setting up a STR in Philly.

[Joshua Messinger]

Hey @Austen Mueller! 

I would make your client aware that there is a current ordinance that is being put into effect on January 1st, 2023 where all STRs will have to get a limited lodging license and will only be able to rent for 30+ days at a time unless if the property is zoned CMX-3 or above then you can rent it out for less than 30 days. 

Otherwise, a good solution to this new ordinance that is being put into place is focusing on the MTR market/extended stay market as it seems there is becoming a new trend with traveling workers and corporate leasing staying at properties/units on a medium-term basis (2 months - 12 months). 

If you have any more questions don't hesitate to reach out!

All the best,

Josh