Is Old City a good rental property investment? And what does it actually mean to own or manage a rental property in Old City, Philadelphia? That’s what I want to get into today, because we manage a lot of properties in this neighborhood — I’d argue my company might be the most prevalent property management company in Old City — and there are some things you really need to know before you buy here.
Why Old City Is One of Philadelphia’s Most Desirable Rental Neighborhoods
Old City is hands down one of Philadelphia’s most recognizable neighborhoods. It’s where the world comes to vacation. You’ve got the Liberty Bell, Independence Hall, Ben Franklin’s grave, Betsy Ross’s house, cobblestone streets, and First Fridays where every art gallery in the neighborhood throws open the doors. If you’re visiting Philadelphia, you’re probably ending up in Old City at some point — you might spend your entire trip there.
From a rental standpoint, that translates into real advantages:
- Extremely walkable — I can’t think of a more walkable neighborhood in Philadelphia.
- Close to Center City with easy highway access and even a normal-sized grocery store you can drive to.
- Historic architecture — lots of lofts and condos in buildings with real character.
- Strong mix of owner-occupants and tenants, which protects your investment value.
The Condo and HOA Reality in Old City
Old City is heavy on condominiums. Most buildings are small, and that’s actually good news. In small condo buildings, the board is made up of the actual owners — the people living there. The rules tend to be reasonable, they benefit the owners, and they make life easier for tenants and landlords.
Compare that to large condo complexes where a professional HOA management company runs the show. Those rules are often written to benefit the management company, not the owners. We don’t really see that problem in Old City, and it’s one of the reasons it’s a friendly neighborhood to invest in.
The Single Elevator Problem
Here’s something a lot of landlords don’t think about until it bites them: many of these smaller Old City buildings have a single elevator. If something happens to that elevator — and eventually something will — you as the owner of a unit inside the walls have zero control over getting it fixed. The HOA does. And sometimes the HOA takes its time.
If you’ve got a tenant on the 5th or 6th floor, that’s a problem. If you’ve rented to someone with a disability, that’s a serious problem. As a property management company we have to navigate that, and we make sure the tenant knows up front: you are renting a unit with a single elevator, and if something happens to it, that’s beyond our control.
If you’re managing your own rental in Old City, I’d strongly recommend either using a property manager who’s done this before or paying an attorney to draft specific lease verbiage — maybe even a separate signed disclosure — around the elevator. I’m not an attorney and I can’t give legal advice, but this is one of those rare situations where I’d actually tell a DIY landlord to spend the money on a lawyer.
The Old City Tenant — High Expectations, Higher Screening Bar
Old City attracts a great tenant pool: young professionals, executives commuting to Center City, medical professionals, relocating corporate hires, even empty nesters. These are people choosing Old City because they want the lifestyle — the history, the restaurants, First Fridays, the walkability.
But here’s the contrarian part: tenant screening matters MORE in Old City than in some of the truly high-end neighborhoods. In Rittenhouse Square or Society Hill, the rent is high enough that it naturally filters applicants. Old City tends to attract people who are stretching — trying to live a little above their means to get the lifestyle. So you’ve got to screen carefully.
If you want to dig deeper into that side of things, take a look at our tenant screening process and how we structure the rental application.
Make It a Home, Not a Rental
This is something I say a lot, but it applies extra strong in Old City: at the end of the day, your rental property should feel like a home, not a rental. If I dropped you blindfolded into most rental units in Philadelphia and pulled the blindfold off, you’d immediately know — “yep, this is a rental.” That shouldn’t be the case.
If I drop you into any of the units we manage, I want you to think you’re in someone’s home. That matters everywhere, but in Old City it matters more, because the tenants you’re attracting expect it and the owner-occupant neighbors are setting the standard.
The Parking Conversation
Parking in Old City is a thing. It’s a real consideration, and tenants need to know what they’re getting into before they sign. Don’t let them figure it out the first night they move in. Set the expectation up front, in writing, and you’ll save yourself months of complaints.
Bottom Line on Old City Rentals
Owning a rental in Old City is rewarding. You get appreciation from a strong owner-occupant base, you attract quality tenants, and the smaller HOAs are generally easy to work with. But the neighborhood comes with its own quirks — historic buildings, single-elevator risk, parking, and tenants who sometimes try to stretch into a unit that’s a reach for them.
If you’re investing here, either work with an experienced Old City property management company or put real thought into how you’re going to manage these specific issues yourself. A generic lease and a generic process is going to get you into trouble in this neighborhood.
I’m just a humble Philadelphia property management company owner doing my best to answer your rental property investing questions. As always — happy rental property investing.
