MARKET SNAPSHOT

Philadelphia q3 2025

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AVERAGE RENT

$1,809 Q3 2025

OCCUPANCY RATE

93.5% Q3 2025

NET ABSORPTION

6,230 YTD Q3 2025

ANNUAL RENT CHANGE

2.1% Q3 2025

ANNUAL OCCUPANCY CHANGE

-80 BPS Q3 2025

UNIT COMPLETIONS

6,063 YTD Q3 2025

KEY TAKEAWAYS
Philadelphia recorded 7,970 units of absorption over the past year, surpassing the 10-year average and underscoring resilient renter demand amid elevated new supply.
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Market rents averaged $1,809 in Q3 2025, rising 2.1% year over year and outperforming the national benchmark despite a slight quarterly dip.
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Developers delivered 1,783 units in Q3 2025 and 8,168 over the past year, with another 7,455 units still underway—most concentrated in mid- and upper-tier communities.
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MARKET OUTLOOK

Philadelphia’s multifamily market enters late 2025 on stable footing, supported by steady renter demand, rents near an all-time high, and a development pipeline that is beginning to taper...

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Featured Research Reports:

Alex Blagojevich

Alex Blagojevich

Executive Managing Director / Co-Founder

alex.blagojevich@mmgrea.com

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Michael Sullivan

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michael.sullivan@mmgrea.com

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Brett Meinzer

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brett.meinzer@mmgrea.com

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Kyle Shoemaker

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kyle.shoemaker@mmgrea.com

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simon.turner@mmgrea.com

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Bill Brading

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Thomas Skevington

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thomas.skevington@mmgrea.com

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Jake Sullivan

Senior Advisor

jake.sullivan@mmgrea.com

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