Metro Reports Multifamily Market Real Estate Trends

Philadelphia Multifamily Market Report – December 2024

Cover image for the Philadelphia Multifamily Market Report December 2024
Image by elxeneize/iStockphoto.com

Short-Term Rent Growth Flat Amid Solid Supply

Metro Philadelphia’s average advertised asking rents remained unchanged on a trailing three-month basis through October, at $1,797, according to the latest Yardi Matrix Philadelphia multifamily market report. Meanwhile, the national figure was down 0.1%. Philadelphia’s advertised asking rates were up 2.2% year-over-year or 130 basis points above the U.S., figure despite pressure from new deliveries, as reported in the national multifamily report.

Greater Philadelphia added 70,200 net jobs over the 12-month period ending in August. Leading job growth, education and health services added 36,900 positions. At 4.6% in August, the unemployment rate was the highest recorded this year, according to Bureau of Labor Statistics data. The figure was 40 basis points above the national average. A new megadevelopment is poised to reshape the stadium district. It will be located just east of Comcast Spectacor’s $2.5 billion mixed-use project. Hines seeks to rezone 700 Packer Ave. to develop a live-work-play district with 1,367 residential units, an office tower and dining and retail space.

During the first 10 months of the year, Philadelphia added 6,038 units to its existing multifamily inventory. Developers had 16,522 units under construction and an additional 76,000 in the planning and permitting stages. Transaction activity picked up, with the $888 million sales volume already surpassing the $584 million total of the past year.

Read the full Yardi Matrix Philadelphia Multifamily Market Report: December 2024

About the author

Agota Felhazi

Agota Felhazi contributes a nearly seven-year experience within the real estate industry, after starting as a researcher for Yardi Matrix. She is an associate editor with Commercial Property Executive and Multi-Housing News who also writes monthly self storage reports at Yardi Matrix.

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