{"id":8947,"date":"2024-12-20T07:46:00","date_gmt":"2024-12-20T07:46:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=8947"},"modified":"2025-06-24T08:21:42","modified_gmt":"2025-06-24T08:21:42","slug":"philadelphia-multifamily-market-report-december-2024","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/philadelphia-multifamily-market-report-december-2024\/","title":{"rendered":"Philadelphia Multifamily Market Report \u2013 December 2024"},"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>Short-Term Rent Growth Flat Amid Solid Supply<\/h2>\n<p>Metro Philadelphia\u2019s average advertised asking rents remained unchanged on a trailing three-month basis through October, at $1,797, according to the latest Yardi Matrix Philadelphia multifamily market report. Meanwhile, the national figure was down 0.1%. Philadelphia\u2019s advertised asking rates were up 2.2% year-over-year or 130 basis points above the U.S., figure despite pressure from new deliveries, as reported in the <a href=\"\/blog\/national-multifamily-market-report\/\" rel=\"\"><strong>national multifamily report<\/strong><\/a>.<\/p>\n<p><iframe id=\"datawrapper-chart-5Hoc2\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Philadelphia vs. National Rent Growth\" src=\"https:\/\/datawrapper.dwcdn.net\/5Hoc2\/1\/\" height=\"328\" 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 70,200 net jobs over the 12-month period ending in August. Leading job growth, education and health services added 36,900 positions. At 4.6% in August, the unemployment rate was the highest recorded this year, according to Bureau of Labor Statistics data. The figure was 40 basis points above the national average. A new megadevelopment is poised to reshape the stadium district. It will be located just east of Comcast Spectacor\u2019s $2.5 billion mixed-use project. Hines seeks to rezone 700 Packer Ave. to develop a live-work-play district with 1,367 residential units, an office tower and dining and retail space.<\/p>\n<p><iframe id=\"datawrapper-chart-kdjyd\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Philadelphia Employment Share by Sector  \" src=\"https:\/\/datawrapper.dwcdn.net\/kdjyd\/1\/\" height=\"433\" 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>During the first 10 months of the year, Philadelphia added 6,038 units to its existing multifamily inventory. Developers had 16,522 units under construction and an additional 76,000 in the planning and permitting stages. Transaction activity picked up, with the $888 million sales volume already surpassing the $584 million total of the past year.<\/p>\n<p>Read the full Yardi Matrix Philadelphia Multifamily Market Report: <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/6646-MatrixMultifamilyPhiladelphiaReport-December2024\" rel=\"\"><strong>December 2024<\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Short-Term Rent Growth Flat Amid Solid Supply Metro Philadelphia\u2019s average advertised asking rents remained unchanged on a trailing three-month basis through October, at $1,797, according to the latest Yardi Matrix Philadelphia multifamily market report. Meanwhile, the national figure was down 0.1%. Philadelphia\u2019s advertised asking rates were up 2.2% year-over-year or 130 basis points above the [&hellip;]<\/p>\n","protected":false},"author":436,"featured_media":8237,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[511,119],"class_list":["post-8947","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-multifamily-outlook-2024","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 December 2024 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Philadelphia\u2019s advertised asking rents were flat on a T3 basis through October, while national movement was negative, Yardi Matrix reports.\" \/>\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-december-2024\/\" \/>\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 \u2013 December 2024\" \/>\n<meta property=\"og:description\" content=\"Philadelphia\u2019s advertised asking rents were flat on a T3 basis through October, while national movement was negative, Yardi Matrix reports.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/philadelphia-multifamily-market-report-december-2024\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2024-12-20T07:46:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-06-24T08:21:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2024\/09\/Philadelphia-iStock-2184758169.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=\"Adina Rogoz\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Agota Felhazi\" \/>\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 Multifamily Market Report \u2013 December 2024 - 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