PHILADELPHIA, PA—Philadelphia's multifamily housing stock is performing at a year-over-year high for effective rents/low for vacancy rates while also recording strong absorption of new product metrowide, according to Gebroe-Hammer Associates. The firm has arranged sales of more than 1,070 units in the past six months, for sales totaling more than $97.63 million.
Investment appetite is skyrocketing in the city, according to Gebroe-Hammer senior vice president Eli Rosen.
“Philadelphia is a melting pot of property classes, ranging from newly constructed luxury hi-rise buildings to existing post-World War II mid-rise buildings that have been renovated through the years and are poised for repositioning,” says Rosen, who represents prominent investors and developers throughout the metro Philadelphia market and its outlying suburbs. “The city as a whole has experienced an annual increase in effective rents with record-breaking growth every quarter since the first quarter of 2010. Monthly effective rents are now at about four percent over last year alone, with some neighborhoods like Center City performing better than ever.”
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