Good Neighborhoods for STRs in Philly???

Question

Hi! I am at the beginning of my search looking for good areas to purchase 1 to 2 short-term rentals in up-and-coming areas of Philadelphia...a plus for properties in need of major renovations, and ones close to African American cultural attractions.

If there are no good places to look in those areas (due to cost, safety, availability etc.) then I am open to suggestions or just good places for STR investment in general.

I hope to connect with someone who knows Philly intimately and can make some recommendations about where to look.Thanks so much!

Ryan D. · Answer

You can't do STR in Philly starting in 2023 unless primary residence then you can STR for less than 180 days /yr or it must be CMX-3+ zoned to do STR full-time.

Tyler Winget · Answer

Hi @Lauren Nolan Sellers! Fellow agent and STR operator with experience of over 100 listings in Philly.

Following up with @Ryan D.'s response - Philly is no longer an option we are pushing for STR, due to pending regulations. We've been preparing for this as of September of 2021, ultimately transitioning our single-family management clients to MTR (medium term rentals)/executive stay/furnished rentals where appropriate.

All of our focus has been re-directed toward other markets, specifically the Poconos region as @Matthew Niemynski had shared, wherein, your purchasing power will take you a lot further, and the returns will be more aggressive with a year-round vacation destination.

Sorry to be a downer with Philly! I know it seems like it's coming out of nowhere. If i can be of any help to you at all in the space in the future don't hesitate to reach out!

Lauren Nolan Sellers · Answer

@Tyler Winget thank you so much. I may circle back once I do more investigating. Do you know where a good place would be to find a partnership for an STR on BP?

I bring a skillset of project management and interior decorating to the table. I've flipped my own houses twice and worked alongside investors selecting finishes for properties layouts etc. I've had my own business for 10+ yrs and am now coaching new decorators but I want to jump into STRs and I'm looking for guidance and boots-on-the-ground experience. Just not quite sure where to begin to find someone local and you seem to bring a wealth of knowlegde!

Tyler Winget · Answer

@Lauren Nolan Sellers DC is seeing similar restrictions that have already been enacted.

Baltimore I am unsure about.

Wilmington I personally don't have experience with.

Philly suburbs on the other hand, areas such as Bryn Mawr/Ardmore have proven well and are performing. If you're interested in seeking out those submarkets just shoot me a DM!

Russell Brazil · Answer

DC, Baltimore, and their suburbs are highly restrictive to short term rentals.

Lauren Nolan Sellers · Answer

Thank you all so much for the helpful information you've shared. @Matthew Niemynski @Tyler Winget and @Ryan D. incredibly useful information as no one else I've spoken with has mentioned this. I really appreciate your willingness to share. Ideally, I'd like to stay closer to metro areas if possible. Would it be smart/ advantageous to look to invest in areas close to Philly but not inside the city limits? Like the immediate suburbs surrounding Philly? I also am willing to look in other areas like Wilmington, DE, Baltimore, and DC. Would these be good areas to pursue? Thanks again to you all.

Matthew Niemynski · Answer

Hey Lauren,

@Tyler Winget

Can you shed some of your expertise on this?

Tyler does tons of business with STR and knows the Philadelphia market very well. Good contact to have.

Are you open to other areas? The Poconos is not too far and can provide great returns if done right. I have tons of contacts over there if you would like some more information.

Best of Luck!

Rick Land · Answer

Hi Lauren! I’m a realtor in Philly and happy to help you find the perfect short term rental. I have some ideas on some areas that would do well in the STR. Areas like Packer Park and Girard estates would provide your guests with easy access to sporting events or the casino, and areas in the Northeast like Fishtown do very well. All of which are close to public transportation to take your guests anywhere in the city. Let’s connect, I’d love to hear more about your investment plans!

Good Neighborhoods for STRs in Philly???

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