Philadelphia Multifamily Report – August 2026
This market is accruing modest, yet reliable gains.
Philadelphia’s average advertised asking rent increased 0.3 percent, on a trailing three-month basis through June, to $1,869. The metro outperformed the national average, which was up 0.2 percent to $1,763. On a year-over-year basis, the metro’s average rose 1.6 percent, on par with Detroit and just behind New York City, San Francisco, Chicago, Kansas City and the Twin Cities, and well above the national figure, which increased 0.2 percent. Philadelphia’s occupancy rate was 95.4 percent as of May, surpassing the national average of 94.1 percent.
Philadelphia added 6,300 net jobs over the 12-month period ending in April. Growth was driven by the education and health services sector, which gained 16,700 jobs and offset losses. All in all, employment grew 0.2 percent year-over-year, outperforming the 0.1 percent national decline. TerraPower Isotopes is developing a $450 million facility at the Bellwether District to produce actinium-225, a radioisotope used in cancer treatments. The company chose the metro over more than 350 locations nationwide, reinforcing Philadelphia’s reputation as a leading life science and biotechnology hub.
As of June, developers had added more than 3,600 units to Philadelphia’s stock. The pipeline boasted more than 13,800 units under construction, with an additional 81,000 units in other phases of development. Investors traded $363 million in multifamily assets during the first half of 2026, below the $639 million volume of the first half of 2025.
