{"id":1004145730,"date":"2016-06-14T00:01:02","date_gmt":"2016-06-14T08:01:02","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004145730"},"modified":"2025-02-26T23:40:28","modified_gmt":"2025-02-27T07:40:28","slug":"yardi-matrix-philadelphias-growth-story","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/yardi-matrix-philadelphias-growth-story\/","title":{"rendered":"Yardi Matrix: Philadelphia&#8217;s Growth Story"},"content":{"rendered":"<div id=\"attachment_1004145591\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/06\/Philadelphia_Metro_rent16.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004145591\" data-attachment-id=\"1004145591\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/yardi-matrix-philadelphias-growth-story\/philadelphia_metro_rent16\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/06\/Philadelphia_Metro_rent16.jpg\" data-orig-size=\"800,400\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Philadelphia rent growth, click image to enlarge\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Philadelphia rent growth, click image to enlarge&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/06\/Philadelphia_Metro_rent16.jpg?w=800\" class=\"wp-image-1004145591 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/06\/Philadelphia_Metro_rent16.jpg\" alt=\"Philadelphia rent growth, click image to enlarge\" width=\"300\" height=\"150\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/06\/Philadelphia_Metro_rent16.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/06\/Philadelphia_Metro_rent16.jpg?resize=300,150 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/06\/Philadelphia_Metro_rent16.jpg?resize=768,384 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004145591\" class=\"wp-caption-text\">Philadelphia rent growth, click image to enlarge<\/p><\/div>\n<p>The demand for apartments continues to rise in the City of Brotherly Love, driven\u00a0by positive economic and demographic trends. Philadelphia may be trailing\u00a0the nation when it comes to employment growth, but sectors such as business\u00a0and professional services, healthcare and education are adding jobs, pushing\u00a0unemployment down to one of its lowest levels since the recession.<\/p>\n<p>Rental demand is led by Millennials moving to the downtown, which is seeing\u00a0tremendous growth in retail space and restaurants, and empty nesters choosing\u00a0dense urban environments over the suburbs. Against a background of rising rents,\u00a0developers opened thousands of new apartments in 2015, especially in Center\u00a0City, which has become a hub of development. This trend is set to continue, since\u00a0more than 8,700 units are currently under construction, while another 25,000\u00a0apartments are on the drawing board.<\/p>\n<p>Given the strong tenant base of young professionals that continues to absorb\u00a0new product at a significantly fast pace, investor appetite is robust. Last year, the\u00a0metro\u2019s multifamily transaction volume nearly doubled year-over-year, reaching a\u00a0record high of $1.5 billion, with yields dropping to the 5% range for Class A assets.\u00a0While we expect demand to remain high in the near term, lukewarm job creation\u00a0and increasing supply will serve to dampen rent growth. As a result, we estimate a\u00a0moderate rent increase of 1.3 percent in 2016.<\/p>\n<p><a href=\"https:\/\/www.yardimatrix.com\/Media\/Downloads\/File\/89-Philadelphia-Spring2016Outlook?signup=false\" target=\"_blank\" rel=\"noopener\">Read the full Yardi Matrix report<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Multifamily Spring Report 2016: The demand for apartments continues to rise in the City of Brotherly Love, driven by positive economic and demographic trends.<\/p>\n","protected":false},"author":873,"featured_media":1004145578,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37769,21782,21808,21742,10,37795,1494],"tags":[],"class_list":["post-1004145730","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rc-absorption","category-development","category-featured","category-latest","category-northeast","category-rc-occupancy","category-philadelphia"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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