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Rents Declining, Apartments Sitting Vacant As A Multifamily Glut Hits Philadelphia

BISNOW (October 17, 2017) – Multifamily rents are declining in Philadelphia, and thousands of apartments are about to come online to make things more difficult. A study by research website RealPage found that eight apartment buildings have been completed between the Delaware and Schuylkill rivers, Girard Avenue and Tasker Street in the last year, and 19 are under construction. A separate study by Zillow found that median rents are on the decline for the first time in seven years, WHYY reports.

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