With the local economy still very much in recovery, Philadelphia’s apartment market has yet to see occupancy climb back up to normal levels. As a result, rent growth remains limited.
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The Philadelphia apartment market has been a model of consistency lately, where performance momentum hasn’t changed much and revenue growth levels aren’t especially strong or notably weak.
The Northeast has been the nation’s top-performing region, but Philadelphia hasn’t kept pace with the regional norms for occupancy and rent growth. Fundamentals are weakest on the New Jersey side of the metro.
Once the laggard, Philadelphia’s apartment sector is catching up to the growth pace seen in nearby markets thanks to the recovery of its suburbs.
Philadelphia’s apartment sector in 2010 can be described as “steady,” “stable,” and “reliable.”
Philadelphia’s apartment sector is recovering nicely but it hasn’t seen the revenue growth seen in other major markets. Here’s why.