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Domestic News
June 17, 1785
Fowle's New Hampshire Gazette And General Advertiser
Portsmouth, Rockingham County, New Hampshire
What is this article about?
In Philadelphia, post-peace influx of European merchants drove up house rents, straining businesses. With fewer adventurers this season, rents have fallen to two-thirds or half of recent levels, providing relief amid money shortages and trade stagnation.
Clipping
OCR Quality
95%
Excellent
Full Text
PHILADELPHIA. June 4.
The vast number of adventurers who flocked here from all quarters of Europe, immediately subsequent to the peace, with large quantities of goods, which they were obliged to dispose of at all events, raised the rents of houses so enormously (as the landlords seemed to set no bounds to the exorbitance of their demands) that the entire profits for business were by many found insufficient to discharge their rent; but as the delusion has vanished in Europe, so that hardly any adventurers have come this season, house-rent now experiences as rapid a fall as before it did a rise.
Houses in many parts of the city are now to be had at two thirds of the rent they have brought in for some time past; there are houses which let even for one half.
This must prove a very seasonable relief to people in business, amidst the distress occasioned by the scarcity of money, and stagnation of trade.
The vast number of adventurers who flocked here from all quarters of Europe, immediately subsequent to the peace, with large quantities of goods, which they were obliged to dispose of at all events, raised the rents of houses so enormously (as the landlords seemed to set no bounds to the exorbitance of their demands) that the entire profits for business were by many found insufficient to discharge their rent; but as the delusion has vanished in Europe, so that hardly any adventurers have come this season, house-rent now experiences as rapid a fall as before it did a rise.
Houses in many parts of the city are now to be had at two thirds of the rent they have brought in for some time past; there are houses which let even for one half.
This must prove a very seasonable relief to people in business, amidst the distress occasioned by the scarcity of money, and stagnation of trade.
What sub-type of article is it?
Economic
What keywords are associated?
Philadelphia Rents
Economic Distress
Post Peace Trade
House Rent Fall
Business Relief
Where did it happen?
Philadelphia
Domestic News Details
Primary Location
Philadelphia
Event Date
June 4
Outcome
house rents fallen to two-thirds or half of recent levels, providing relief to businesses amid money scarcity and trade stagnation.
Event Details
Post-peace influx of European adventurers with goods caused exorbitant house rent increases, insufficient for many business profits. With fewer arrivals this season, rents are rapidly falling.