While housing affordability for both homebuyers and apartment renters has been a constant challenge in the last several years, there are some signs that the rapidly increasing rents in Philadelphia may finally be topping out, writes Joanne Drilling for the Philadelphia Business Journal.
In December, the Philadelphia metro area recorded the median asking rent for an apartment of $2,316. While that number is still 2.6 percent higher than the previous December, it is 1.1 percent lower than in November.
Philadelphia is not the only major city that saw declining rents in December when compared to the previous month. Out of the 50 largest metro areas in the country, 32 registered a drop in price between November and December, and 28 were down year over year.
One of the reasons for the apparent cooling of the white-hot multifamily market is new supply hitting the market.
Overall, rent remains elevated. Prices nationwide have jumped 23 percent since the start of the pandemic in 2020, bumping up monthly rents by $371, according to Rent.com.
Read more about the multifamily market at the Philadelphia Business Journal.
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