Rents Maintain Positive Performance
Philadelphia’s average advertised asking rents were up 0.3%, on a trailing three-month basis through June, to $1,838, according to the latest Yardi Matrix Philadelphia multifamily market report. This was 10 basis points above the national figure, which clocked in at $1,749. The metro’s year-over-year rents were up 2.0%, making Philadelphia the best-performing metro in the Mid-Atlantic region.
Employment growth picked up, at 1.1% year-over-year through April and 30 basis points above the U.S. rate, as reported in the national multifamily report. Over the 12-month period ending in April, Philadelphia added 45,400 net jobs. Education and health services led gains, with 30,900 positions added to the workforce. The unemployment rate stood at 4.8% as of May, 60 basis points above the national rate, according to preliminary data from the Bureau of Labor Statistics. Amazon’s new data center project in Falls Township could potentially add 1,250 jobs to the market, as the e-commerce giant is planning to build a campus on a portion of the 1,800-acre Keystone Trade Center. The project is part of Amazon’s $20 billion planned investment throughout Pennsylvania.
Developers completed 2,123 units across the metro in the first six months of this year, 80 basis points below the national figure and representing 0.6% of existing stock. The metro registered $457 million in multifamily transactions, on the heels of the $1.1 billion in total volume recorded in 2024.
Read the full Yardi Matrix Philadelphia Multifamily Market Report: August 2025
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