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  #3921  
Old Posted Mar 25, 2024, 2:47 PM
New2Fishtown New2Fishtown is offline
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Quote:
Originally Posted by skyhigh07 View Post
I dunno, I’ll take it. Both Dilworth Plaza and Love Park were pretty bad back in the day. The picture makes it look a lot better than it was.
Not for nothing, but in terms of ongoing user experience, LOVE Park is a city facility whereas Dilworth Park is managed and programmed by Center City District. So it's really apples to oranges in terms of capacity, budget, etc. Dilworth benefits from being overseen by a smaller and more nimble organization that has staff dedicated to corporate partnerships (Rothman Rink, etc) and curating events, as well as very methodically transitioning the plantings and the layout as the seasons change. LOVE is...seemingly about as well managed as any underfunded Parks & Rec facility.
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  #3922  
Old Posted Today, 3:43 PM
cardeza cardeza is offline
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This is article about rent concessions being offered due to all the supply of new lux apts in Philly

https://www.bizjournals.com/philadel...ift-cards.html
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  #3923  
Old Posted Today, 4:44 PM
mcgrath618's Avatar
mcgrath618 mcgrath618 is offline
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Quote:
Originally Posted by cardeza View Post
This is article about rent concessions being offered due to all the supply of new lux apts in Philly

https://www.bizjournals.com/philadel...ift-cards.html
I know that there are practical reasons preventing this, but why not just... lower rent?
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Philadelphia Transportation Thread: http://forum.skyscraperpage.com/showthread.php?t=164129
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  #3924  
Old Posted Today, 5:13 PM
Redddog Redddog is online now
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Quote:
Originally Posted by cardeza View Post
This is article about rent concessions being offered due to all the supply of new lux apts in Philly

https://www.bizjournals.com/philadel...ift-cards.html
Rut Roh.

In fairness, not a lot of people are moving around at the moment. The end of Spring would be a better time to tally this up.
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  #3925  
Old Posted Today, 6:30 PM
PHLtoNYC PHLtoNYC is online now
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Quote:
Originally Posted by cardeza View Post
This is article about rent concessions being offered due to all the supply of new lux apts in Philly

https://www.bizjournals.com/philadel...ift-cards.html
Replying to your post, but not calling you out.

While the rental market may be in a temporary dip, the details don't paint a grim picture.
(I see this headline as keeping with the trend of all doom & gloom in Philadelphia, versus an actual informative measurement of the market)...

1. Per an article quote, during market equilibrium, 5.5% of buildings offer concessions, the current rate is 8.4%, also coming out of the slower winter months.

2. Concessions aren't a new phenomenon, and Philadelphia actually ranks on the low end of markets offering concessions (lower than hotspots like Atlanta, Nashville, Austin, etc.).
https://www.zillow.com/research/rent...essions-33386/

3. There are thousands of units coming online at nearly the same time in a relatively small geographic area, yet the overall rental vacancy rate in Philadelphia is still well under 10%. This is likely a brief period of higher vacancies/concessions while units are absorbed. By early 2025, the amount of units coming online will drop significantly and the market will have time to catchup.

4. Lastly, as the Ryland developer said, this is temporary and not really alarming.
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  #3926  
Old Posted Today, 8:39 PM
3rd&Brown 3rd&Brown is online now
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Quote:
Originally Posted by mcgrath618 View Post
I know that there are practical reasons preventing this, but why not just... lower rent?
It impacts the accounting of revenue and thus the valuation of the building.

It's better to say you rented at a high value but offer a lower effective rent then at a lower value. Plus, a good number of your renters will stay on so when the concession expires, you in effect get a higher actual rent then you would if you locked them in at the lower effective rent then tried to raise to the higher rent in one step which is more likely to prompt them to move out.

It is obviously more effective this way or else they'd be doing it differently.
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