Market Insights | Spring 2024 | Philadelphia

March 4, 2024

Philadelphia’s multifamily development remains at historical highs, as more than 18,000 units are under construction in the Region. Over 11,000 units are scheduled to be completed in 2024, while at least 8,000 are slated to be delivered in 2025. This translates to 2,000 and 3,000 new units entering the market each quarter through mid-2025. In Q3-2024, Philadelphia ranked 13th in the nation for ongoing construction (among the 390 markets covered by CoStar).

Philadelphia’s annual rent performance outpaces the nation’s 0.7% growth rate. It is among the strongest of the 15 largest U.S. apartment markets, trailing only Boston, Chicago, New York City, and D.C. Compared to nearby competitors like New York, Boston, and Washington, D.C., the cost of living in Philadelphia remains compelling to prospective residents. According to Oxford Economics and the U.S. Census Bureau forecasts, the Philadelphia Metro is anticipated to see a net increase of ±38,000 people from 2023 to 2027.