More landlords are advertising their units to voucher holders, many in the face of increased vacancy rates at market-rate apartment buildings, particularly at newer properties in hot neighborhoods like Fishtown and Northern Liberties. Between 2021 and 2023, Philadelphia saw a spike in construction starts after a bevy of real estate developers lined up to beat changes to the city’s property tax abatement program. The building boom created a rare apartment glut, spurring a level of competition that has made it more challenging for landlords to lease up their higher-end properties. Read more here.
Source: PlanPhilly; 11/12/2024