Philadelphia’s 10 Largest Communities Under Development
The Philadelphia multifamily market continues to present strong fundamentals in 2018, despite a rent growth of 1.9 percent, 60 basis points below the national average as of April. The metro is currently experiencing a construction boom, thanks to the strong influx of Millennials moving into the city. Since 2010, multifamily completions have steadily increased, reaching a peak in 2017, when roughly 5,000 rental units were delivered. This year development is unlikely to hit that high mark again, but with almost 9,000 units underway in the metro, construction activity will remain elevated.
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