While the real estate industry had a great year in 2019, this year has the potential to be even more promising. Of course there’s no such thing as a perfect year and there will most definitely be some challenges along the way, but it seems as though the industry will be in an even better position in 2020 than it has been in the past. The biggest obstacles that will come about (and always will) are maintaining both a solid pace of new housing production and affordability.
Recently, Philadelphia has moved its way into the ranks of the world’s economic powerhouses. With its strength especially in the biomedical sector, this city has solidified its world-class status. Gene and cell therapy companies in Philadelphia attracted a record $514 million in venture capital funding just last year alone. A large chunk of this money flows into Philly’s University City and will help emerge this area as Philadelphia’s “second downtown.”
Philadelphia seems to attract many young adults, students, and home buyers. Thanks to the Millennial generation, Philly got a burst of new energy. The nightlife, restaurants, and daytime activities seem to attract a younger crowd and this city will continue to be a magnet to the generations that follow. Renting is huge for the younger generations and apartments get filled up quickly. The city is growing with renters and because of this, the rate of home ownership in the city has fallen. Soon enough, Philadelphia could be in the ranks of cities like San Francisco, New York, and Boston when it comes to renting.
See Sandy Smith’s article on Philly magazine here for more: https://www.phillymag.com/property/2020/01/01/2020-real-estate-forecast/