In Q4 2024, Philadelphia's rental market displayed modest increases in listing counts across most property types, along with a general increase in concessions. Rent prices showed stability, while days on market were higher than the national average for multifamily properties, but overall, the market remains steady, reflecting demand for rentals in the city, with particular interest in two-bedroom and multifamily units.
We asked property managers in the Philadelphia area for insights into the market.
Key Takeaway: Philadelphia’s rental market shows modest optimism, with 23% of property managers anticipating rent increases over the next six months and no expectations for rent decreases.
Data Summary:
Data Summary:
Deeper Diver: Philadelphia’s rental market appears to be in a stable and slightly optimistic phase, with 77% of property managers expecting rents to remain unchanged. However, 23% anticipate price increases, which could reflect localized demand trends or limited supply in certain areas. Leasing activity has been relatively steady, with 81% of property managers reporting similar applicant volume, although 12% are experiencing a slight uptick. This suggests that the market is maintaining balance, with some properties seeing higher demand while others may face less competition.
Key Takeaway: Concessions in Philadelphia increased in Q4 2024 but remained lower than the national average, reflecting more competitive conditions.
Data Summary:
Deeper Dive: Concessions in Philadelphia remained lower than the national average, with 22% of listings offering some form of incentive in Q4 2024. This represents an increase from 20% in Q3 2024, suggesting that some landlords may have started offering concessions in response to slowing demand or increased competition. However, concessions in Philadelphia are still less common than in many other markets across the U.S., where 28% of listings offered incentives in Q4 2024.
Key Takeaway: Multifamily properties in Philadelphia took longer to lease than the national average, while single-family units were in line with the national average.
Data Summary:
Deeper Dive: Single-family homes took an average of 24 days on market in Q4 2024, in line with the national average. Multifamily units took 31 days on average, well above the national average of 26 days. This could indicate slightly weaker demand for multifamily properties in Philadelphia or supply-demand imbalances in that segment. The longer days on market in Q4 2024 suggest that the market may have slowed somewhat toward the year’s end.
Key Takeaway: Rent prices in Philadelphia showed stability across unit types.
Data Summary:
Deeper Dive: Philadelphia’s rental market saw stability in rental rates. The one-bedroom market saw an increase to $1,480, continuing a trend of gradual rent growth. The two-bedroom market showed a minor increase, reaching $1,699 in Q4 2024, while three-bedroom rents held steady at $1,800. The single-family rental market saw rents hold at $1,400, indicating some stagnation in this segment. Multifamily rents experienced a slight uptick, reaching $1,600 in Q4 2024, following a trend of gradual increases. Overall, Philadelphia’s rent prices show mild upward movement, particularly in smaller units and multifamily properties.
Key Takeaway: Philadelphia’s rental market showed some volatility throughout 2024, but ended Q4 with positive growth in availability for all listing types, except single-family properties.
Data Summary:
Deeper Dive: Philadelphia’s market experienced some fluctuations throughout 2024. After declines in the earlier quarters, three-bedroom listings saw a positive change of 3.5% in Q4 2024. The multifamily segment also experienced growth of 1.8%, suggesting continued demand for this type of housing. Meanwhile, the single-family market faced a slight decline of -1.6%, potentially marking a trend of slowdowns in this sector. Overall, while there was some volatility in the market, Q4 showed positive movement in key categories like three-bedroom and multifamily listings.
Rental data used in this report are sourced and catalogued directly by Rental Beast, unless otherwise noted. Rental Beast listing data covers a range of rental property types and owner types operating within the long-term rental market (generally considered to be leases with a minimum of three months). Single-family rentals (SFR) are considered to be properties with 4 or fewer units. Multifamily (MF) is more than 4 doors. Unless otherwise noted, our analysis uses the Philadelphia-Camden-Wilmington, PA-NJ-DE-MD, metropolitan statistical area (MSA) as the geographical unit.
Unique listings counts are based on rentals that were on-market at any point during the stated period. Rents are calculated based on these listings. Days on market (DOM) and concession analysis are based on these listings, with some data sources excluded due to DOM and concession info being unavailable or deemed to be unreliable. Concessions are incentives that entice renters to sign a lease (e.g., one month free, a gift card, etc.).
Our sentiment survey is based on phone conversations during Q4 2024 with rental building and community managers and property managers. Questions and answer choices:
DISCLAIMER. This report attempts to provide reliable and useful information; however, there is no guarantee that the information or other content in this document is accurate, current or suitable for any particular purpose. All content is subject to change without notice. All content is provided on an “as is” basis, with no warranties of any kind whatsoever. Rental data used in this report are sourced and catalogued directly by Rental Beast, unless otherwise noted. Our analysis uses MSA as the geographical unit and is not reflective of all-U.S. measures. Information from this document may be used with proper attribution.
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