Philly’s lower rents are attracting talented millennials: Report

Philly’s lower rents are attracting talented millennials: Report
Michael W Murphy/Flickr

Philadelphia may not have all the amenitiesas its big city neighbor to the north, but lower rents are retaining young talents.

At least that’s the argument Philadelphia Magazine is making.

The publication, citing a recent Zumper study that found median rent for a Philadelphia one-bedroom apartment in November 2015 wasdownfrom the previous year to $1,240, and dropped 4.6 percent from the previous quarter, added that “job prospects, a growing economy, and restaurants and nightlife — is keeping startup companies here and keeping talented young workers here.”

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Sourcing several more studies, Philadelphia Magazine added that millennial growth is outpacing the pricier cities of Boston and San Francisco.

Philadelphiais also doing a good job of retaining its non-native college students after graduation.

But, the article warns,that if Philadelphiarents were to raise too dramatically, then those valuable millennials could be on the next train to New York.

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