Philadelphia Multifamily Figures Report Q1 2025

Market Overview

Philadelphia’s multifamily market in Q1 2025 saw a stark contrast between its urban and suburban performance. While Center City continued to offer heavy concessions to drive lease-up amid new supply, suburban submarkets remained highly stable with minimal new construction and healthy absorption. The metro achieved a 95.8% occupancy rate with 2,269 new units delivered and 2,651 absorbed—signaling strong renter demand. Average rent across the region rose to $1,909, with the highest figures in Center City ($2,594) and newer assets. As investors remained cautious toward urban core assets, suburban properties saw intensified competition thanks to limited supply and dependable performance.

About CBRE

CBRE is one of the world’s leading commercial real estate services and investment firms, providing unmatched market intelligence and advisory across asset types. Through its specialized Econometric Advisors division, CBRE delivers data-driven insights that help multifamily investors, owners, and developers understand market trends, risks, and opportunities. Their quarterly multifamily reports blend historical context with forward-looking commentary to support better decision-making across the housing investment lifecycle.