The multifamily market in the Philadelphia Region has experienced near all-time low vacancy rates and is now around 4.1%. Even as rising mortgage rates have caused home sales to slow, the inventory of homes listed for sale in suburban counties such as Chester and Montgomery remain a small fraction of what it was just five years ago, which is keeping more prospective homebuyers locked in the renter pool. Trailing 12-month rent growth peaked at 10% towards the end of 2021 and has been moderating since, tallying 5.8% as of Q3 2022. Apartment construction has been on the rise in recent months both around Center City and in the suburbs. Net deliveries are expected to average 2,200 units per quarter during late 2022 and 2023, up more than 45% from completions seen over the past two years. Rental completions will mark a multi-decade high this year.