By Mike Dougherty
PHILADELPHIA (CBS) — A new report from a Washington based realty firm finds what many renters in Philadelphia already know — it’s really hard to find a nice apartment.
The high end apartments, also known as Class A apartments, are scarce at best. According to Delta Associates, the vacancy rate is currently less than two-percent.
Berkshire Hathaway rental agent Mohammed Ullah says he’s had to turn away dozens of potential clients because there’s virtually nothing available and the apartments that are available are snatched up in a flash.
“High end, or even low end, there’s no inventory. I get calls everyday and I have to tell them I have nothing in that building or this area or that area.”
He says empty-nesters and young professionals are seeking high quality units like never before, even as rent prices continue to rise.