Map of Pennsylvania highlighting Philadelphia County (Photo credit: Wikipedia)
The city’s for-sale housing market is experiencing fits and starts on a seemingly unending road to recovery. The luxury rental market, on the other hand, remains hot.
Yet another illustration of that comes Wednesday with the official opening of Dranoff Properties’ Southstar Lofts, an 85-unit, mid-rise rental project at Broad and South Streets that is heavier on one-bedrooms than the company’s fully leased 777 South Broad a few blocks away.
Developer Carl Dranoff considers the buildings complementary, and tenants at Southstar will get to use the roof deck at 777 and will share other amenities.
Rents will range from $1,595 to $3,395 a month, he said. About 63 percent of those leasing are singles in their 20s, and 35 percent list their occupation as medicine. Most earn $50,000 to $150,000, and 48 percent are moving from within six blocks.
Read more at http://www.philly.com/philly/business/20140427_Phila__luxury_rental_market_is_booming.html#jYw0YTP7lsBDLXES.99