The Greater Philadelphia region is a robust multifamily market that has demonstrated consistent growth over the last decade. Bolstered by a population increase of over 200,000 residents, the total number of rental units has increased 13.4% to over 260,000.
Greater Philadelphia ranks within the top 10 of all U.S. metropolitan areas in terms of the size of its economy and its millennial population. Due to the extensive university and health systems in the area, steady job growth has helped to maintain this productivity and attract new residents.
Philadelphia has proven resilient during the economic downturn due to the COVID-19 pandemic. Through August of 2020, vacancy is down and average asking rents are up slightly. Philadelphia landlords have offered concessions at one of the lowest rates in the U.S.