{"id":238,"date":"2021-01-06T09:28:43","date_gmt":"2021-01-06T09:28:43","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=238"},"modified":"2023-03-10T08:15:17","modified_gmt":"2023-03-10T08:15:17","slug":"philadelphia-real-estate-market-trends-fall-2020","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/philadelphia-real-estate-market-trends-fall-2020\/","title":{"rendered":"Philadelphia Real Estate Market Trends &#8211; Fall 2020"},"content":{"rendered":"<h2>Multifamily Sector Withstands Hardship<\/h2>\n<p>While the effects of the health crisis continued to shape the metro\u2019s economy going into the fourth quarter, Philadelphia\u2019s multifamily fundamentals remained largely resilient. Rents were up 0.4% to $1,424 on a trailing three-month basis as of October, slightly below the $1,464 U.S. average, which remained flat during the same time frame.<\/p>\n<p>As of September, unemployment totals stood at 7.9% for the metro area, down 320 basis points from August and on par with the September national rate. According to a report from the Center City District, some 101,000 Philadelphia residents became unemployed between March and April. About 47,000 jobs had returned by September, when the number of Philadelphians receiving unemployment benefits slid to 64,000 from more than 100,000 over the summer.<\/p>\n<p>Philadelphia had 12,154 multifamily units under construction as of October, 95% of which target are aimed at high-income renters. The bulk of the pipeline (56%) is expected to come online over the next two years. A total of $319 million in assets traded in 2020 through October, a steep 79% decline compared to the same period last year. The drop in deal volume is the combined outcome of economic volatility and five consecutive years of robust sales and development activity.<\/p>\n<p>Read the full <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/1166-MatrixMultifamilyPhiladelphiaReport-Fall2020?utm_source=Matrix-Blog&amp;utm_medium=Social\"><strong>Matrix Multifamily Philadelphia Report-Fall 2020<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Multifamily Sector Withstands Hardship While the effects of the health crisis continued to shape the metro\u2019s economy going into the fourth quarter, Philadelphia\u2019s multifamily fundamentals remained largely resilient. Rents were up 0.4% to $1,424 on a trailing three-month basis as of October, slightly below the $1,464 U.S. average, which remained flat during the same time [&hellip;]<\/p>\n","protected":false},"author":650,"featured_media":262,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[16,119],"class_list":["post-238","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-multifamily-outlook","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 Real Estate Market Trends - Fall 2020 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"While the effects of the health crisis continued to shape the metro\u2019s economy going into the fourth quarter, Philadelphia\u2019s multifamily fundamentals remained largely resilient.\" \/>\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-real-estate-market-trends-fall-2020\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Philadelphia Real Estate Market Trends - Fall 2020\" \/>\n<meta property=\"og:description\" content=\"While the effects of the health crisis continued to shape the metro\u2019s economy going into the fourth quarter, Philadelphia\u2019s multifamily fundamentals remained largely resilient.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/philadelphia-real-estate-market-trends-fall-2020\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-06T09:28:43+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-10T08:15:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2020\/12\/Philadelphia-iStock-1268489051.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=\"Timea-Erika Papp\" \/>\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 Real Estate Market Trends - Fall 2020 - Yardi Matrix Blog","description":"While the effects of the health crisis continued to shape the metro\u2019s economy going into the fourth quarter, Philadelphia\u2019s multifamily fundamentals remained largely resilient.","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-real-estate-market-trends-fall-2020\/","og_locale":"en_US","og_type":"article","og_title":"Philadelphia Real Estate Market Trends - Fall 2020","og_description":"While the effects of the health crisis continued to shape the metro\u2019s economy going into the fourth quarter, Philadelphia\u2019s multifamily fundamentals remained largely resilient.","og_url":"https:\/\/www.yardimatrix.com\/blog\/philadelphia-real-estate-market-trends-fall-2020\/","og_site_name":"Yardi Matrix Blog","article_published_time":"2021-01-06T09:28:43+00:00","article_modified_time":"2023-03-10T08:15:17+00:00","og_image":[{"width":1200,"height":628,"url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2020\/12\/Philadelphia-iStock-1268489051.jpg","type":"image\/jpeg"}],"author":"lilianam","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Timea-Erika Papp","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.yardimatrix.com\/blog\/philadelphia-real-estate-market-trends-fall-2020\/#article","isPartOf":{"@id":"https:\/\/www.yardimatrix.com\/blog\/philadelphia-real-estate-market-trends-fall-2020\/"},"author":{"name":"lilianam","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/877efe30f5be34ed3f8b5f334c96a8e0"},"headline":"Philadelphia Real Estate Market Trends &#8211; 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