{"id":8235,"date":"2024-09-13T10:01:00","date_gmt":"2024-09-13T10:01:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=8235"},"modified":"2025-01-09T10:08:59","modified_gmt":"2025-01-09T10:08:59","slug":"philadelphia-multifamily-market-report-august-2024","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/philadelphia-multifamily-market-report-august-2024\/","title":{"rendered":"Philadelphia Multifamily Market Report \u2013 August 2024"},"content":{"rendered":"\n

Read the latest Yardi Matrix Philadelphia Multifamily Market Report<\/a><\/strong>.<\/p>\n\n\n

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Philadelphia\u2019s Rental Market on an Upswing<\/h2>\n

Multifamily fundamentals in Philadelphia remain healthy. Average advertised asking rents were up 2.6% on a year-over-year basis, reaching an average of $1,766 as of June. Meanwhile, the national average only saw a 0.6% increase, to $1,739, as per the national multifamily report<\/strong><\/a>. On a trailing three-month basis, the metro outperformed the U.S. average yet again, as Philadelphia\u2019s average advertised asking rents climbed 0.6%. Despite contracting 30 basis points year-over-year as of May, the metro\u2019s occupancy rate in stabilized assets was still 110 basis points ahead of the 94.5% U.S. rate.<\/p>\n