{"id":1004171981,"date":"2017-05-03T01:35:55","date_gmt":"2017-05-03T09:35:55","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004171981"},"modified":"2025-02-26T23:49:36","modified_gmt":"2025-02-27T07:49:36","slug":"philadelphias-apartment-revival","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/philadelphias-apartment-revival\/","title":{"rendered":"Philadelphia\u2019s Apartment Revival"},"content":{"rendered":"<p>By Adriana Pop<\/p>\n<div id=\"attachment_1004171982\" style=\"width: 410px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004171982\" data-attachment-id=\"1004171982\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/philadelphias-apartment-revival\/philly-rent\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/04\/philly-rent.jpg\" data-orig-size=\"1594,668\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;Alexandra Efrimov&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1491574412&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=\"\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Philadelphia rent evolution, click to enlarge&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/04\/philly-rent.jpg?w=1024\" class=\"wp-image-1004171982\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/04\/philly-rent.jpg\" alt=\"Philadelphia rent evolution, click to enlarge\" width=\"400\" height=\"168\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/04\/philly-rent.jpg 1594w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/04\/philly-rent.jpg?resize=300,126 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/04\/philly-rent.jpg?resize=768,322 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/04\/philly-rent.jpg?resize=1024,429 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/04\/philly-rent.jpg?resize=1536,644 1536w\" sizes=\"auto, (max-width: 400px) 100vw, 400px\" \/><p id=\"caption-attachment-1004171982\" class=\"wp-caption-text\">Philadelphia rent evolution, click to enlarge<\/p><\/div>\n<p>The multifamily market in the City of Brotherly Love is expanding, sustained by steady employment and population increases. Job growth was led by the business and professional services sector, followed by health care and education. Philadelphia\u2019s renowned universities and research hospitals are thriving, while the emerging fintech corridor is getting stronger.<\/p>\n<p>Mixed-use developments are gaining traction, especially in University City, which has developed a series of public-private partnerships that have become a key part of the city\u2019s transformation. A new addition to the Philly skyline is the 49-story FMC Tower, dubbed \u201cPhiladelphia\u2019s first vertical neighborhood.\u201d The amenity-laden building\u2014which provides office, residential, hotel and restaurant space\u2014is part of Brandywine Realty\u2019s Cira Centre South project along the western bank of the Schuylkill River. What\u2019s more, the massive $3.5 billion Schuylkill Yards and 30th Street Station District master plans are set to transform this section of downtown Philadelphia in the coming decades.<\/p>\n<p>Demand for apartments remains strong, as the city continues to be attractive to Millennials and Baby Boomers looking to downsize. Developers are ramping up construction, with more than 40,000 units in the pipeline. Though there is some uncertainty around whether there will be enough jobs to justify the deluge of new supply, we anticipate rents will rise by 3.4 percent in 2017.<\/p>\n<p>Read the full <a href=\"https:\/\/www.yardimatrix.com\/Media\/Downloads\/File\/216-Philadelphia-Spring2017Outlook?utm_medium=Research-Center&amp;utm_source=CPE&amp;utm_campaign=216-Philadelphia-Spring2017Outlook\" target=\"_blank\" rel=\"noopener noreferrer\">Yardi Matrix report<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>With developers ramping up construction, multifamily demand remains strong, as the city continues to attract both Millennials and Baby Boomers looking to downsize.<\/p>\n","protected":false},"author":260,"featured_media":1004171984,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37769,21808,21742,10,37795,1494],"tags":[],"class_list":["post-1004171981","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rc-absorption","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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