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Over the last few years, one ZIP code in Philadelphia added more new apartments than any other ZIP code in the entire metro area. Not Center City, not the trendy Riverwards. It was 19104, University City and West Philadelphia, with over 4,400 new apartment units. That single fact explains almost everything about how this market behaves, and today I'm going to break down what it means for you as a landlord. But here is the twist, and it's the theme of today's episode. 19104 is a ZIP code of extremes. You've got gleaming new high-rises of Penn and Drexel students and life sciences workers, and just a few blocks away you've got working class blocks in Mantua and Belmont, where the economics are completely different. Same five digits, two totally different rental businesses. If you do not know which one you buying into, the numbers will surprise you, and not in a good way. Let's get into it. Welcome back to the "Phila Landlord Guy," the show built for rental owners, property managers, and investors who want real, no fluff facts about Philadelphia market, neighborhood by neighborhood. I'm your host, Yuriy Skripnichenko, licensed real estate broker and certified property manager here in the city. Today is a solo episode, and we're going deep on 19104 University City and West Philly neighborhoods around it. This is one of the most unique zip codes in the whole city, so let's dig in it. Let's set the citywide baseline first with July 2026 numbers. Across Philadelphia, there were 2,300 new units listed and 1,800 units rented in July. Median listed price was 1,850, median rented price 1,822, a tight gap consistent with the last month's pricing that we've seen citywide. Average days on the market, 47 days. Months of supply, 2.4. About 4,300 units in inventory and at the end of the month. So the city overall is balanced and steady. Now let's look at 19104, which marches to a very different drummer because of one thing above all else, supply. Let me give you full lay of the land because 19104 is genuinely two stories in one zip code. 19104 covers University City west of the Schuylkill River, plus several West Philadelphia neighborhoods, Powelton Village, Mantua, Belmont, and the University core itself. It is home to the University of Pennsylvania, Drexel University, and major institutions like Children's Hospital of Philadelphia and the growing life science corridor. It's about 2.4 square miles and home to over 50,000 residents. University City is an economic engine. It accounts for roughly 11% of all jobs in Philadelphia while sitting on less than 2% of the city's land. There are over 84,000 jobs here, and 79% of them pay over $40,000 a year, well above the citywide rate. Penn, Drexel, CHOP, and the life sciences boom drive a massive, steady year-round demand for housing, and the development have been staggering. According to the University City District, the neighborhood is on the pace to add 2.7 million square feet of new construction and surpass $12 billion in cumulative real estate value, nearly double what it was in 2020. Major projects like Schuylkill Yards, UCity Square, and the 30th Street Master Plan are reshaping the whole district. And here is the headline stat: 19104 added about forty-four hundred and fifty-nine new apartments, the most of any zip code in the entire city of Philadelphia and the metro area, more than any part of the Center City. That's a defining feature of this market. But 19104, it's not all shiny high-rises. Neighborhoods like Montclair and Belmont remain predominantly working class with deep community roots. The southern edge of Montclair bordering Powell Town V-Village has seen gentrification and student renters spill over, but the core of this neighborhood has not been transformed the way University City proper has. And this shows up dramatically in the income data. The zip code's overall median household income is only around thirty-eight thousand eight hundred dollars, well below the citywide median. Now, think about that for a second. This is a zip code with forty thousand dollars plus job everywhere and twelve billion dollars in real estate, yet a below average median income. Why? You have high earners and well-paid professionals on one side, and a large population of students who report low income, plus generally low income working families in Montclair and Belmont on the other side. The average gets pulled in two directions at once. What this means, the two rental businesses. If you own near universities, Powelton, the University Core, the newer construction, your tenants are students, grad students, medical rentals, and young professionals. Demand is intense and reliable, but you're competing against those 4,400 new construction apartment that are professionally managed, and that new supply is real competition, and it puts a ceiling on how aggressive you can be on the rent. If you own in Mantua or Belmont proper, you are in value-oriented working family and voucher-heavy market with much lower rents and a very different management profile. Neither is bad, but they are completely different investments, and you have to know which one you are in. 19104 is one of the most transit-rich zip codes in the city. The Market Frankford El, multiple trolley lines, buses, and regional rail all converge here. For students and car-light professionals, that's a huge driver for demand. Quick thank you to our sponsor, TrustArt Realty. 19104 is a ZIP code where you're competing against professional managed new construction. If you're going to compete, your pricing and your operation have to be dialed in. TrustArt Realty offers all listeners a free rental analysis so you know exactly what your unit should command against the competition, plus a free management consultation if you'd rather hand it to a professional team. Reach out at trustartrealty@phillylandlordguy.com or go to trustartrealty.com and click the link to schedule your meeting. One important note on assessments. Remember from our recent property assessment piece that Mantua had the second highest median assessment increase in the entire city this year, around 15%, precisely because it borders hot university city. If you own in Mantua section of 19104, check your 2027 assessments closely and appeal if it's off. The first level review deadline is September 1st, and the Board of Revision of Taxes deadline is October 5th. Now, the July 2026 MLS numbers for the area. There were 183 units listed and 181 units rented, essentially one-to-one absorption rate which tells you that despite all the new supply, demand is keeping pace. End of month inventory 342 units. Months of supply 2.9, slightly above the city average of 2.4 Which makes sense given how much inventory the ZIP carries. Days on the market, fifty-one days, which are cumulative days on the market, fifty-three, a few days lower than the city average, forty-seven. That's the new supply effect. With so many options, including brand-new buildings offering concessions, tenants can take their time, and it takes a bit longer to fill a unit. Now the pricing. The median listed price was fifteen fifty, and the median rented price actually came in higher at sixteen fourteen. That's unusual. Doesn't mean that people are overpaying and there is a bidding war for the units. The rented median above the listed median, what that telling you is that the lower-priced listings, likely the older Mantua and Belmont units, are dragging the list median down, while the units that actually rented skew towards the better, higher-paced product. So that, that also means that the average days on the market may not represent exact number because the units on the higher end may rent a little bit faster than the units that are on the lower end. The average sold price was nineteen oh five, which is well above both median, which again confirms high-end segment pulling upward. Current August inventory is 339 units at a median list of $1,750, notably higher than July's median. So the mix of what's on the market is shifting towards the higher end and getting ready for the full lease season. So how do you actually approach 19104? If you're chasing the student and young professional markets near the universities, understand that you are competing with a wall of new amenity-rich supply. Your older home or small building has to compete on either price, condition, or location convenience. A tiered unit near campus will lose to a new building offer in a month free. Keep your product sharp and consider that the full lease-up cycle around the universities is the critical window. Most student leasing happens on a very specific calendar, and we are most likely already past that time. So timing your vacancy to that cycle matters enormously here, more than almost anywhere else in the city. If you're looking at Mantua or Belmont as a value play, the upside is real appreciation potential as university city growth pushes upward. But go in with eyes open. These are working-class blocks, often voucher-heavy, requiring hands-on management. And watch those assessment. The city is already pushing values up here. The universal rule for 19104, same as for every zip code we cover: know exactly which pocket you're, you are in and price to it. The rent of the above listed median in the data proves that the two halves of the ZIP code are very different businesses. To wrap it up, 19104 is the biggest new construction ZIP code in the entire Philadelphia metro, anchored by Penn, Drexel, CHOP, and the booming life sciences economy. But it's a ZIP code of extremes. World-class institutional demand on one side, working class West Philly blocks on the other. The student and professional market near the universities is strong but crowded with new supply, so compete on condition and timing. The Mantua and Belmont pockets are value plays with real upside and real management demands, and also rising assessments to watch. Know your half of the ZIP code, price to it, and time your vacancies to the university lease cycle if you're near campus. If this was useful, subscribe, leave a review, and drop your ZIP code and the questions in the comments. I read them and answer them as well. Keep your properties clean, stay legal, and I will catch you in the next

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