{"id":6427,"date":"2023-09-19T05:57:21","date_gmt":"2023-09-19T05:57:21","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=6427"},"modified":"2024-03-12T15:53:31","modified_gmt":"2024-03-12T15:53:31","slug":"philadelphia-multifamily-market-report-august-2023","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/philadelphia-multifamily-market-report-august-2023\/","title":{"rendered":"Philadelphia\u00a0Multifamily Market Report \u2013 August 2023"},"content":{"rendered":"\n<p class=\"has-normal-font-size\">Read the latest Yardi Matrix <strong><a href=\"\/blog\/philadelphia-multifamily-market-report\/\">Philadelphia&nbsp;Multifamily Market Report<\/a><\/strong>.<\/p>\n\n\n<hr \/>\n<h2>Brighter Days For Philly Fundamentals<\/h2>\n<p>The Philadelphia market is showing signs of stabilizing. Rents were up 0.6% on a trailing three-month basis through June, to $1,723, and 20 basis points above the U.S. rate of improvement. The average occupancy rate in stabilized properties <a href=\"https:\/\/www.yardimatrix.com\/blog\/august-2022-philadelphia-multifamily-market-report\/\"><strong>decreased 60 basis points in 12 months<\/strong><\/a>, to 96.0%, as of June. Despite a decline, the metro\u2019s overall occupancy rate remained significantly above the national figure, which clocked in at 95.0%.<\/p>\n<p><iframe id=\"datawrapper-chart-T1Yfu\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Philadelphia vs. National Rent Growth (Trailing 3 Months)\" src=\"https:\/\/datawrapper.dwcdn.net\/T1Yfu\/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>Greater Philadelphia added 91,600 jobs in the twelve months ending in April, for a 3.1% increase, 20 basis points higher than the national average. As recently as May, the unemployment rate stood at 3.6%, 50 basis points above the previous month, according to data from the Bureau of Labor Statistics. Education and health services added 35,500 positions, marking the largest number of positions gained across all sectors. The metro\u2019s economy will receive a boost, as a $290 million research lab is coming to Philadelphia. The project is slated for completion by the end of 2024. Additionally, other R&amp;D facilities are planned for the area.<\/p>\n<p><iframe id=\"datawrapper-chart-xyRxS\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Philadelphia Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/xyRxS\/1\/\" height=\"423\" 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>Developers had 18,701 units under construction as of June. Of the projects underway, 4,283 units broke ground this year, with most projects concentrated in the metro\u2019s urban core. During the first six months of 2023, only $148 million in multifamily assets traded, marking a steep slowdown in investment activity. Last year, $2.4 billion traded during the same time frame.<\/p>\n<p>Read the full <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/4232-MatrixMultifamilyPhiladelphiaReport-August2023\"><strong>Matrix Multifamily Philadelphia Report-August 2023<\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Brighter Days For Philly Fundamentals The Philadelphia market is showing signs of stabilizing. Rents were up 0.6% on a trailing three-month basis through June, to $1,723, and 20 basis points above the U.S. rate of improvement. The average occupancy rate in stabilized properties decreased 60 basis points in 12 months, to 96.0%, as of June. [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":6428,"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-6427","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\u00a0Multifamily Market Report \u2013 August 2023 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Rent growth is picking up pace, contributing to market stabilization; rates were up 0.6% on a T3 basis in June, Yardi Matrix data shows.\" \/>\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-august-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Philadelphia\u00a0Multifamily Market Report \u2013 August 2023\" \/>\n<meta property=\"og:description\" content=\"Rent growth is picking up pace, contributing to market stabilization; rates were up 0.6% on a T3 basis in June, Yardi Matrix data shows.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/philadelphia-multifamily-market-report-august-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2023-09-19T05:57:21+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-03-12T15:53:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/09\/Philadelphia-iStock-1500292624.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=\"Razvan Cimpean\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Madalina Pojoga\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Philadelphia\u00a0Multifamily Market Report \u2013 August 2023 - Yardi Matrix Blog","description":"Rent growth is picking up pace, contributing to market stabilization; 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