Rents Slow Down, Occupancy Still Strong
Philadelphia’s average advertised asking rent inched up 0.1% on a trailing three-month basis through October, to $1,840, while the U.S. average ticked down 0.2%, to $1,743, according to the latest Yardi Matrix Philadelphia multifamily market report. Year-over-year, Philadelphia rents were up 2.2%. The uptick secured Philadelphia as the best-performing metro in the Mid-Atlantic region and placed it in sixth position among the top 30 major markets tracked by Yardi Matrix. Following two years of outstanding supply growth, Philadelphia’s average occupancy clocked in at 95.6% in September, above the 94.7% national rate, as reported in the U.S. multifamily report.
Employment growth picked up, at 1.4% year-over-year through August, 60 basis points above the U.S. figure. Over the 12-month period ending in August, Philadelphia added 61,600 net jobs. Education and health services led gains, with 38,800 positions added. The area’s unemployment rate stood at 5.1%, 80 basis points above the U.S. average, according to preliminary data from the Bureau of Labor Statistics. An upcoming 1.4 million square-foot warehouse in the Bellwether District could potentially add new jobs to the market, as the project has now received zoning approval.
Developers completed 6,065 units, or 1.6% of existing stock, across the metro in the first 10 months of this year, 100 basis points below the U.S. figure. Investors slowed down, as Philadelphia registered $760 million in multifamily transactions, down 17.4% year-over-year.
Read the full Yardi Matrix Philadelphia Multifamily Market Report: December 2025
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