Wynnewood named one of the ‘hottest suburbs’ for renters
With rent prices increasing in major cities, housing trends have shown more renters flocking to the suburbs.
With rent prices increasing in major cities, housing trends have shown more renters flocking to the suburbs.
In one suburban Philadelphia community, that trend may be even more evident.
An analysis by ApartmentGuide.com, a website for apartment hunters, found Wynnewood to be among the top 10 suburbs in the country that is attracting renters.
The editors of the website tracked the 100 cities that received the most searches on the site between April and July 2014.
Wynnewood, a community in Lower Merion Township, ranked number 7 on the list.
But how much would a renter really save by living there versus Philadelphia? Several neighborhoods in Lower Merion Township have been cited as some of America's richest neighborhoods.
A simple search of average rental prices using Rentometer, a website which publishes rent-comparison statistics, shows that a two-bedroom rental in Wynnewood is cheaper than two-bedroom homes in many popular Philadelphia neighborhoods.
According to statistics on the website, the average monthly rent for a two-bedroom home in Wynnewood is $1,443, which is still cheaper than two-bedroom homes Old City ($2,137), Society Hill ($2,137), Northern Liberties ($1,582), Graduate Hospital ($1,512), and Fairmount/Art Museum ($1,495).
Lisa Leven-Kahn, a realtor with Long and Foster, said Wynnewood has a larger concentration of apartments than other nearby communities.
"Wynnewood is more popular recently because there is more shopping," she said. "The shopping center has been upgraded and there's a Whole Foods that's going to open by the train station."
The train station is also very walkable for commuters, she said, which adds to the appeal.
Marjie Frankel, a realtor on the Main Line with Berkshire Hathaway HomeServies Fox & Roach, said she hasn't noticed the rental market too strong because of the improved economy.
"The rental market is few and far between in Lower Merion because there are so many buyers and there's the ability to sell houses," Frankel said. "When the market was slow, there were more rentals."
Both Leven-Kahn and Frankel agreed that Wynnewood is appealing to renters because of the schools, lower taxes, and proximity to Center City.
The analysis did not take into account if website users were searching for vacation or yearly rentals.
Check out Apartment Guide's full list of suburbs below:
1. Troy, MI
2. Abington, MA
3-5. Arlington, VA; Alexandria, VA; Silver Spring, MD
6. Lake Forest, CA
7. Wynnewood, PA
8. Chesapeake, VA
9. Scottsdale, AZ
10. Irving, TX
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