How competitive is the Philadelphia rental market?
Of the 25 biggest metro areas in the country, Philadelphia's market is the 23rd most competitive, according to a new study from Trulia. In spite of a national uptick in renters – from 38.5percent to 43.3 percent – the local market is not as competitive as booming neighborhoods in national leaders like San Francisco, Seattle and Denver.
The real estate firm evaluated the state of "well-qualified" renters in each metro area, judging them based on credit score, income, and qualifiers like how quickly they need to move and whether they have pets. The report also considered vacancy rates.
In Philadelphia, analysts found that 15.5 percent of rental applicants are in the "excellent" credit range (720 – 850), and that 7.8 percent of applicants made more than $100,000 annually. Not surprisingly, the firm identified affluent renters with high credit scores as most likely get responses from landlords and to quickly find a rental property.
The same report also concluded that renters who are most forthcoming about their property search are more likely to hear back from prospective landlords. All of which leads nicely to Trulia's new online "rental resume" feature, where apartment-hunters can answer questions in advance as to credit score, combined income and status on smoking and pets. The program also allows for customized messages to landlords, which the same report found can also increase the likelihood of response.
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