Philadelphia, PA Multifamily Market Report | CBRE | Q4 2025

Market Overview

After years of elevated deliveries driven by Philadelphia's expiring tax abatement program, Greater Philadelphia's multifamily market closed Q4 2025 with the pipeline thinning meaningfully and demand absorbing 8,599 units across the region for the year. Occupancy held firm at 96.0% and average rents reached $1,948 per unit, with suburban submarkets again outperforming the urban core, maintaining high occupancy, steady rent growth, and limited new supply. Center City saw seasonal leasing slowdowns and persistent concessions in supply-heavy corridors, while emerging developer distress created selective opportunities for opportunistic capital. With construction constraints keeping new starts low, the market appears well-positioned heading into its next leasing cycle.

About CBRE

CBRE is a global commercial real estate services and investment firm operating across major U.S. and international markets. Their Q4 2025 Philadelphia Metro multifamily report tracks occupancy, rents, absorption, deliveries, and investment activity by submarket to help owners, developers, and investors evaluate market conditions and timing. To read the full report, click here.