{"id":1038,"date":"2021-05-21T09:21:45","date_gmt":"2021-05-21T09:21:45","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=1038"},"modified":"2023-09-12T15:08:33","modified_gmt":"2023-09-12T15:08:33","slug":"philadelphia-multifamily-market-report-spring-2021","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/philadelphia-multifamily-market-report-spring-2021\/","title":{"rendered":"Philadelphia Multifamily Market Report &#8211; Spring 2021"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Multifamily Keeps Its Footing<\/h2>\n\n\n\n<p>Philadelphia\u2019s multifamily fundamentals remain solid, though the market has been put to the test during the past year. Rents increased 0.4% on a trailing three-month basis through March to $1,455, slightly outperforming the 0.3% national rate during the same period. Working-class Renter-by-Necessity figures expanded at the same pace as Lifestyle rents, highlighting growth in demand across the quality spectrum.<\/p>\n\n\n\n<p>The metro\u2019s economy has a long road to recovery after shedding more than 215,000 jobs in the year ending in December. While unemployment had dropped following a spike in June to 18.2%, the rate was 11.2% in February, a 1.9% uptick from the end of last year. Struggling employment sectors are also spelling trouble for local government: Philadelphia anticipates a $284 million budget shortfall for the 2021 fiscal year, despite cuts to spending and the infusion from the $1.9 trillion federal stimulus package.<\/p>\n\n\n\n<p>After 557 units delivered in the first three months of 2021, more than 13,000 units were under construction in Philadelphia at the end of March. This follows a cycle high of 6,129 units completed in Following a 58% drop in transaction volume to $717 million last year, investment in the first quarter of 2021 totaled $104 million. Nearly 60% of that volume involved RBN assets.<\/p>\n\n\n\n<p>Read the full <strong><a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/1249-MatrixMultifamilyPhiladelphiaReport-Spring2021?utm_source=Matrix-Blog&amp;utm_medium=Social\" target=\"_blank\" rel=\"noreferrer noopener\">Matrix Multifamily Philadelphia Report-Spring 2021<\/a><\/strong><\/p>\n\n\n\n<div style=\"height:45px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Multifamily Keeps Its Footing Philadelphia\u2019s multifamily fundamentals remain solid, though the market has been put to the test during the past year. Rents increased 0.4% on a trailing three-month basis through March to $1,455, slightly outperforming the 0.3% national rate during the same period. Working-class Renter-by-Necessity figures expanded at the same pace as Lifestyle rents, [&hellip;]<\/p>\n","protected":false},"author":650,"featured_media":1039,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[221,119],"class_list":["post-1038","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-multifamily-outlook-2021","tag-philadelphia"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Philadelphia Multifamily Market Report - Spring 2021 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Showing signs of improvement, Philadelphia Lifestyle and RBN rents both increased by 0.4% on a trailing three-month basis.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.yardimatrix.com\/blog\/philadelphia-multifamily-market-report-spring-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Philadelphia Multifamily Market Report - Spring 2021\" \/>\n<meta property=\"og:description\" content=\"Showing signs of improvement, Philadelphia Lifestyle and RBN rents both increased by 0.4% on a trailing three-month basis.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/philadelphia-multifamily-market-report-spring-2021\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2021-05-21T09:21:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-12T15:08:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2021\/05\/Philadelphia-Matrix-Report-iStock-1310725637.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"lilianam\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jeff Hamann\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Philadelphia Multifamily Market Report - Spring 2021 - Yardi Matrix Blog","description":"Showing signs of improvement, Philadelphia Lifestyle and RBN rents both increased by 0.4% on a trailing three-month basis.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.yardimatrix.com\/blog\/philadelphia-multifamily-market-report-spring-2021\/","og_locale":"en_US","og_type":"article","og_title":"Philadelphia Multifamily Market Report - Spring 2021","og_description":"Showing signs of improvement, Philadelphia Lifestyle and RBN rents both increased by 0.4% on a trailing three-month basis.","og_url":"https:\/\/www.yardimatrix.com\/blog\/philadelphia-multifamily-market-report-spring-2021\/","og_site_name":"Yardi Matrix Blog","article_published_time":"2021-05-21T09:21:45+00:00","article_modified_time":"2023-09-12T15:08:33+00:00","og_image":[{"width":1200,"height":628,"url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2021\/05\/Philadelphia-Matrix-Report-iStock-1310725637.jpg","type":"image\/jpeg"}],"author":"lilianam","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Jeff Hamann","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.yardimatrix.com\/blog\/philadelphia-multifamily-market-report-spring-2021\/#article","isPartOf":{"@id":"https:\/\/www.yardimatrix.com\/blog\/philadelphia-multifamily-market-report-spring-2021\/"},"author":{"name":"lilianam","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/877efe30f5be34ed3f8b5f334c96a8e0"},"headline":"Philadelphia Multifamily Market Report &#8211; 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