Property managers view the rental market in NW Philly

by Barbara Sheehan
Posted 7/1/21

We recently reported on how tough it is to buy a home in the popular neighborhoods of Chestnut Hill, Mount Airy and surrounding areas.  Realty companies that own and manage rental properties relate similar challenges.

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Property managers view the rental market in NW Philly

Posted

We recently reported on how tough it is to buy a home in the popular neighborhoods of Chestnut Hill, Mount Airy and surrounding areas.  Realty companies that own and manage rental properties relate similar challenges for those who are trying to rent in our area.

     Since home ownership is a cherished part of the American dream, the number of renter-occupied housing units in Chestnut Hill, one of the most affluent neighborhoods in Philadelphia, might take one by surprise.

     According to data drawn primarily from the U.S. Postal Service and the Census Bureau (https://www.unitedstateszipcodes.org/19118/#real-estate), residents in the 19118 zip code are more likely to live in rental units (48%) than in their own homes (45%).  Residents in the Mount Airy zip code of 19119, however, are more likely to live in owner-occupied housing (58%) than in rental properties (34%). The same is true for those who live in Roxborough (19150), where 72% of properties are owner-occupied, compared with 24% of rental properties.

     Bowman Properties specializes in leasing commercial and residential properties in Chestnut Hill. Most of their buildings are on, or within, a few blocks of Germantown Avenue.  They are primarily mixed-use properties with retail space below and residential rentals above.

     Bowman owns all the properties they have available for rent. For potential renters, the staff likes to highlight the area’s parks and arts organizations, as well as the value of historic preservation.

     For the past 40 years, said Bowman President Richard Snowden, the company “has been a catalyst for historic preservation and conservation work in Chestnut Hill through the adaptive reuse of numerous buildings, the contribution of dozens of façade and conservation easements, as well as the advocacy for preservation in our neighborhood.”

      “When we do renovations, we try to keep the historic features while upgrading them.” Marketing Director Kristen Spangenberg added.

     Of their 136 Chestnut Hill properties, with about dozen planned for renovation, they currently have only one vacancy.  Rental prices through Bowman range from $900/month to $4,000/month. 

    Spangenberg and Leasing Director Dave Hoylman noticed that the pandemic has prompted many people to want to move. “People are looking for more space or more outdoor space,” said Hoylman, “and with the ability to work remotely, people are coming from other cities. Our proximity to Center City and to the suburbs makes Chestnut Hill an ideal place.”   

     Do the professionals from Bowman have advice for those looking to rent in Chestnut Hill?  Hoylman said to keep an eye on their website since markets change all the time.

     “If you are looking, try to expand your search,” said Spangenberg. “There are great properties in the surrounding areas, such as Flourtown, Wyndmoor, Erdenheim, Mount Airy, and Germantown.”

     Another company that values the history of area neighborhoods is the George Woodward Co. (GWCo), which is currently celebrating its 100th year in business. The company owns all of their rental properties; most were built by the Houston and Woodward family as rental homes.  Barbara Baumbach, GWCo. President, said the properties were built  “with an emphasis on good design and shared open space that is a trademark of Woodward developments.”  The George Woodward Co. was formed to manage the properties, and over time, acquired and built additional homes with the same qualities.

     GWCo. owns and manages over 150 homes, apartment buildings, commercial spaces, garages, and land.  Monthly rental rates range from between $1,200 to $3,500 (plus utilities) for an apartment to between $2,000 and $8,000 (plus utilities) for a house. Their properties are consistently 100% occupied.

     Baumbach has noticed an increase of people wanting to relocate to Mount Airy and Chestnut Hill from a distance.  However, fewer people are leaving the area.  Does she have any advice for those who desire to move into a GWCo. property?  “We always encourage people to visit our website, sign up for our waitlist well in advance of a planned move-in date, and to watch for our email notifications of available properties,” said Baumbach.

     Elfant Pontz Properties, located in Mount Airy, offers a large portfolio of rental properties in several local zip codes including 19118, 19119, and 19150, among others.          

     One thing that sets Elfant Pontz apart from others in the area is that they manage third party properties. “Our Principals own approximately half of our portfolio,” said Janet Feliciano, Director of Property Management. “The rest are own by third parties.”  Elfant Pontz Properties prioritizes a high level of personal service and communication.  “The company culture,” said Feliciano, “mirrors the community we serve. Many of us grew up here and have worked in Mt. Airy (and nearby neighborhoods) for a long time.”

     Feliciano has noticed a post-pandemic uptick in the rental market in our area as well as in Philadelphia in general.  Rental prospects are looking for additional space when they are working remotely.  “Many prospects,” she said, “are also requesting smaller buildings with more separated entrances.”

    Elfant Pontz manages 184 properties in the area, with approximately 750 rental units. The rental rates range from $675 to $700/month for an efficiency apartment to $4,000 to $5,000/month for a high-end house.  “The clientele is so different,” Feliciano said, “it’s a broad spectrum from modest to luxury.”  In a market that is very dynamic, 99% of their units are occupied. 

     All of Elfant Pontz rental applications are online and they respond on a first come, first serve basis.  “We tell them upfront that we have tons of applications,” she said. “We have people who pre-apply [without visiting the apartment] because there is so much competition right now.”

     She advises prospective renters to visit the neighborhood stores, parks, schools, and restaurants so they appreciate what the area has to offer.