Matrix Multifamily Philadelphia Report-May 2025 June 05, 2025

Philadelphia Rents Rise

Philly’s fundamentals improved in early 2025, with advertised asking rents up 0.4 percent on a T3 basis through March, to $1,821, 30 basis points ahead of the U.S. average. Developers completed 8,470 units in 2024, marking the best year for deliveries over an eight-year period.