A spike in local millionaires choosing to rent their homes rather than buy has led to the creation of an influx of new luxury apartment buildings in Philadelphia designed specifically for high-net-worth individuals, writes Ryan Mulligan for the Philadelphia Business Journal.
In 2019, there were 22 millionaires renting homes in Philadelphia. By 2023, that number had more than quadrupled to 102, which was the eighth largest increase nationwide. The jump is attributed to extremely low inventory in the local housing market and a growing preference among affluent residents for turnkey living spaces.
Noticing the trend, Post Brothers recently introduced the Premier Collection at Piazza Alta in Northern Liberties, featuring townhomes and penthouses, and designed the units at its newly constructed One Thousand One building in Center City to be larger than those at Piazza Alta.
At Broad Street and Washington Avenue, One Thousand One has attracted renters who are “higher income than we expected,” according to Post Brothers CEO Mike Pestronk.
“We’re achieving basically the same rents and same income levels as core Center City,” he added.
One Thousand One has a penthouse available for lease at nearly $16,000 per month, making it one of the highest-priced rental options in Philadelphia.
Read more about some of the ultra-luxury apartments in the city in the Philadelphia Business Journal.
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