Matrix Multifamily Philadelphia Report-December 2023 December 21, 2023

Philadelphia Outpaces U.S. Rent Growth

Philadelphia rents outperformed the nation, flat on a T3 basis while the U.S. rate fell and clocking 2.1 percent year-over-year growth vs. a slight U.S. increase. It helped that occupancy held relatively firm, down just 30 basis points in 12 months to a tight 96 percent, although development promises to outpace 2022.