Philadelphia Multifamily Figures Report Q2 2024

— The Philadelphia multifamily market closed Q2 2024 with an occupancy rate of 95.3%. This represented a .1% increase from Q1 2024.

— Total units absorbed in Q2 2024 was 3,314 units, compared to 1,446 units in Q1 2024.

— There were 3,037 units delivered in Q2 2024, compared to 2,068 units in Q1 2024.

— The overall average rent per unit for multifamily in Philadelphia ended Q2 2024 at $1,868, which was up 1.5% from Q1 2024. That said, landlords increased concessions in certain portions of the market where significant supply was recently added, putting downward pressure on effective rents.

— The total multifamily investment sales in Q2 2024 amounted to $191.5 million in total volume, compared to $149.9 million in Q1 2024.