Recently, Walter Rich completed a three-month renovation of 247 S. Van Pelt St., near Rittenhouse Square in Center City, a property he's owned for more than 20 years.
"I own a few other rental properties, most with tenants who have lived there for 10 years and more," said Rich, an entrepreneur/inventor who markets products such as a "marrow scooper" for making osso bucco. "Some of my other properties are rented by Wharton students, who tend to stay the four years," he added.
When the South Van Pelt Street place became available, Rich decided to renovate it along the lines of the original 1909 architectural design, he said.
Rich is asking $2,100 a month for a one-bedroom, one-bath, 1,000-square-foot unit that has parking. Currently, the average rent in the region is $1,361, up 6 percent from 2008, according to the apartment search engine Rental.com.
"It's a desirable street," Rich said, adding that he had recently shown the unit to an investment banker and others in that income bracket.
High-end renters, many of whom relocate here for a relatively short time, are looking for "quality baths and kitchens," said Center City developer/real estate broker Allan Domb. "Most of them don't cook regularly but want the kitchen to look nice for visitors."
In a high-rise building, the high-end renter demands much more than just pretty, seeking such amenities as 24-hour security and a concierge, among others.
John Featherman, a real estate agent with Prudential Fox & Roach who invests in properties as well, has just finished renovating two units he owns - one on the third floor and one on the fourth - at the Arts Condominium at 1324 Locust St.
