Matrix Multifamily Philadelphia Report-August 2022 August 30, 2022

Strong Demand in Philadelphia

Strong demand helped maintain occupancy at 96.7 percent in May, despite robust deliveries. As a result, rents continued to rise, up 1.0 percent on a T3 basis through June, to $1,695. Transaction activity neared $1.2 billion as of June, double the volume recorded during the same interval last year, although signs of moderation were beginning to appear.