According to a recently published report by Rent Café, a few towns in Chester County are among the Philadelphia suburbs with the greatest increases in rent and renter population in the last five years, writes Emily Rolen for PhillyVoice.
The report used the Yardi Matrix and the U.S. Census Bureau data collected between 2011 and 2016 to determine which suburbs flourished the most.
In the Philadelphia suburbs, Phoenixville is first with the largest increases in rent at 32 percent.
Last October, the average rent in Phoenixville was $1,431. However, despite the increasing rents, the report found that Phoenixville’s population is also growing. In fact, over the surveyed period, the renter population increased by 17 percent.
A large part of the new population comes from empty-nesters and young professionals. They enjoy living in areas with restaurants and breweries within easy walking distance of their well-kept apartments.
Exton also made the Top Five, with average rent increases of 19 percent.
For areas with the greatest increases in renter population, Malvern placed fourth with a 40 percent increase.
Read more about the towns in the Philadelphia suburbs with the greatest increases in rent from PhillyVoice here.
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