Last week the Center City District released a new report on the housing development in Philadelphia.
As you can see from the chart, Point Breeze has seen a 17% increase in the cost of median rent by square foot, showing the progression of the neighborhood. It has been feared for a while now that as the neighborhood is being redeveloped, long-time residents may be pushed out due to increasing rents. By the looks of the increase from $1.07 to $1.25 for rent by square foot in the span of a year, this fear could soon become a reality for the neighborhood.
Just as expected, Passyunk Square rents are increasing, as well, but only by 6%, bringing the median rent by square foot from $1.30 to $1.38. You can also see a 7% increase in Queen Village, 8% in Bella Vista and 5% in Pennsport.