{"id":6037,"date":"2023-06-26T13:01:01","date_gmt":"2023-06-26T13:01:01","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=6037"},"modified":"2023-09-12T16:54:44","modified_gmt":"2023-09-12T16:54:44","slug":"philadelphia-multifamily-market-report-may-2023","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/philadelphia-multifamily-market-report-may-2023\/","title":{"rendered":"Philadelphia Multifamily Market Report \u2013 May 2023"},"content":{"rendered":"<h2>Transactions Slow, Development Improves<\/h2>\n<p>After <a href=\"https:\/\/www.yardimatrix.com\/blog\/philadelphia-multifamily-market-report-december-2022\/\"><strong>notable growth and a slight correction<\/strong><\/a>, the Philadelphia multifamily market is once again finding its footing. Coming out of a seasonal deceleration, rents were flat on a trailing three-month basis as of March, in line with the national average. Meanwhile, yearly growth decelerated to 4.0%, again on par with the U.S. figure. Occupancy slid 70 basis points in the 12 months ending in February, but remained relatively healthy, at 96.0%.<\/p>\n<p><iframe id=\"datawrapper-chart-tBJLz\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Philadelphia vs. National Rent Growth (Trailing 3 Months)\" src=\"https:\/\/datawrapper.dwcdn.net\/tBJLz\/1\/\" height=\"376\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>Metro Philadelphia gained 101,400 positions last year, with education and health services (30,400 jobs) driving growth. All areas added jobs, except for the public sector, which lost 1,400 positions. Meanwhile, Philadelphia unemployment increased slightly at the beginning of 2023, to 4.2%, but was still tight. What\u2019s more, several large projects, including multibillion-dollar ventures such as Schuylkill Yards and the Philadelphia Navy Yard, are moving forward and providing new economic anchors. Many such projects are centered around life science space, with the metro offering plenty of expansion opportunities in the field.<\/p>\n<p><iframe id=\"datawrapper-chart-heJ5q\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Philadelphia Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/heJ5q\/1\/\" height=\"576\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Table\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>A total of 1,070 apartments came online during the first quarter, and Philadelphia had an additional 16,080 units under construction as of March. Yardi Matrix expects 5,292 rental units to be completed in 2023. Meanwhile, transactions slowed down significantly this year on the heels of the 2022 decade high, when $3.9 billion in multifamily assets traded.<\/p>\n<p>Read the full <strong><a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/3928-MatrixMultifamilyPhiladelphiaReport-May2023\" target=\"_blank\" rel=\"noopener\">Matrix Multifamily Philadelphia Report-May 2023<\/a><\/strong><\/p>\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Transactions Slow, Development Improves After notable growth and a slight correction, the Philadelphia multifamily market is once again finding its footing. Coming out of a seasonal deceleration, rents were flat on a trailing three-month basis as of March, in line with the national average. Meanwhile, yearly growth decelerated to 4.0%, again on par with the [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":6038,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[475,119],"class_list":["post-6037","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-multifamily-outlook-2023","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 \u2013 May 2023 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"With more than 1,000 units added in Q1 and 16,000 underway, Philadelphia is on track to resume a fast construction pace 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