The Philadelphia apartment market saw a 2.7 percent increase
in rents during the second quarter, according to a report by Axiometric, which
tracks the multifamily housing sector.
Of the top 25 metropolitan areas, Philadelphia was in the
middle of the pack for rent growth during that time period. San Jose, Calif.,
topped the list with 5.2 percent in rent growth and Edison, N.J., came in last
at 2.0 percent.
The overall U.S. apartment market experienced its strongest
second quarter since the third quarter of 2000, the report said. While
Axiometric’s research addressed the change in occupancy from quarter to
quarter, it did not look at overall occupancy rates. However, Center City’s
vacancy rate has remains well below 5 percent.
Factors including demographics and an increasing desire to
rent rather than own have played a significant part in the strength of the
multifamily market.
Source: Philadelphia
Business Journal
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