New to Real Estate · Philadelphia, PA · Member since 2018 · 22 posts · 11 votes
Hey Philly BP community!
I am looking to make my first purchase in Richmond Philadelphia. Looking primarily at updated 3/1 and 3/2 SFH with 1000+ sqft. Are there any property managers or investors out there that are familiar with the rental rates for those types of properties? It seems primarily east of aramingo, depending on amenities they go for 1600-2000/mo. Is that a good ballpark?
Hi @Anthony Del Russo Depending on how nice the house is and the block, I would estimate $1,500 on the high end, but I think most rentals around there are in the range of $1,100 to $1,400
Hi @Anthony Del Russo Depending on how nice the house is and the block, I would estimate $1,500 on the high end, but I think most rentals around there are in the range of $1,100 to $1,400
Hi @Anthony Del Russo, I agree with @Michael Campbell, Port Richmond isn't near those rental levels yet, unless you're looking at new construction, which you shouldn't be from a return perspective.
@Michael Campbell hit it right on the head. $1,100 to $1,500 for a updated 3/1 or 3/2 SFH on the right side of Aramingo & Allegheny with some of the higher rents moving across Allgheny now.
Hello, I am looking into investing in a rental property in port richmond and I am seeing comps are 1100-1300 for 3/1(aramingo ave) . However this is based on the comps that my agent is sending me. I was surprised to see how low they were especially when seeing rentals on apt.com and other sites that are on the market for $100 more per month. It got me thinking that maybe the comps that my agent is providing is based on rentals that are being rented out using agents so besides just the normal first month/last month and security people have to pay a 1 month fee to the agent which can get expensive. Do you think that is the case?
I have been finding it difficult to put my finger on what commands the higher end of the rental market. What are people looking for in the Port Richmond area?
Parking- double side or single side, easy parking around
Convenience to transit, coffee shops
Livability
Quality space for multi roommates(3+)
Storage for junk
Closet space " important"
Modern feel of the bathroom and kitchen, does it "feel" new
Easy to move in?.."no spiral steps"
Washer, dryer, AC, microwave, stainless steel, etc included
Service
Rentals listing look professional managed, quality photos
Timely Responses
. Offer Discounts on rent for 1 years or less, build the trust first and inform them up front they will get charged premium rent the following year, if they are happy with the service and will locked in that rate till termination of lease. (I'm testing this out now, renewal date in September.)