Matrix Multifamily Philadelphia Report-August 2023 August 23, 2023

Rents Rebound in Philadelphia

Rent growth is picking up pace, contributing to market stabilization; rates in the metro were up 0.6 percent on a T3 basis in June, to $1,723. However, both investment sales and development have slowed this year, with 16 percent fewer units than the first half of 2022 and just $148 million in transactions.