Thanks to the influx of new developments in the suburbs, owners of Class B apartments are starting to invest heavily in renovating their properties in a preemptive move to stay competitive, writes Natalie Kostelni for the Philadelphia Business Journal.
These older buildings in areas such as King of Prussia and Phoenixville are getting new granite countertops, revamped kitchens equipped with stainless steel appliances, swimming pools, clubhouses, and pet-friendly monikers.
The move is in direct response to the almost 6,000 new apartment units being constructed or announced for development in suburban areas by 2020. More than one-sixth of them have already been completed in the first half of this year, with another 1,296 currently under construction.
These new developments are shaking up the market and forcing existing apartment landlords to look at ways to make their properties more attractive in order to remain competitive.
“We’re trying to look hip, nice, and clean,” said Brian Paule, director of property management for Jenkintown’s Galman Group, which owns 40 communities totaling 8,000 apartments throughout the region.
Read more about the renovations in the Philadelphia Business Journal here.
