Philadelphia, PA Multifamily Market Report | CBRE | Q1 2026

Market Overview

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Philadelphia's multifamily market opened 2026 on a solid footing, with occupancy holding at 96.0% and net absorption reaching 1,454 units against 1,101 delivered. Average rents rose to $1,966 per unit, with 3-bedroom units leading year-over-year growth at 7.3%. Downtown Philadelphia drove the leasing rebound, with Center City posting 343 units absorbed and 1,933 units delivered over the trailing 12 months as spring demand picked up. Suburban fundamentals remained steady across Class A, while some Class B and C softness is emerging as concessions of one to three months persist in supply-heavy corridors like Northern Liberties and Fishtown. On the investment side, buyer focus has shifted toward operational performance as rate cut expectations have cooled.

‍About CBRE

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CBRE is a global commercial real estate services and investment firm operating across major U.S. and international markets. Their Q1 2026 Philadelphia Metro multifamily report tracks occupancy, rents, absorption, deliveries, and investment sales activity by submarket to help owners, developers, and investors evaluate market conditions and timing. To read the full report, click here.