Demand is rising and broad-based, with Q2 absorption (3,194 units) nearly matching completions and 12-month totals doubling 2023 levels, signaling a return to market balance.
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New completions remain elevated, but construction activity is slowing sharply, with the pipeline at just 2.5% of base inventory compared to 7.2% in 2023, easing future supply pressure.
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Occupancy remains above the national average at 94.2%, while rent growth is modest but improving, driven by strong performance in Class C assets and select suburban submarkets.
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MARKET OUTLOOK
Philadelphia’s multifamily market is stabilizing after two years of supply-driven disruption...
