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Job Growth Helps Philly Multifamily Stats

PHILADELPHIA-The area's apartment-sector vacancy rates dropped throughout the year and are expected to fall to 5.5%, according to Marcus & Millichap.

By Ian Ritter | Updated on November 30, 2010

PHILADELPHIA-New-job growth this year after sliding in 2009 is helping improve multifamily vacancy and rent rates in the area. Looking ahead, things are supposed to get even better in market, according to a recent Marcus & Millichap report.

After an 80-basis-point increase last year in vacancy, the firm expects that number to fall 100 points by the end of the year, bringing it to 5.5%. Additionally, average rents are forecast to increase 1.7%, hitting $1,019, after slipping 2.1% in 2009.

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