Philadelphia Magazine: 'Will Philly’s 2020 Real Estate Party Continue into 2021?'

Here are some of the highlights from Philadelphia Magazine’s latest look at the Philadelphia real estate market:

Inventory and days on market plummeted over the summer, and the market remains competitive
As people continue to spend much more time at home, the desire for more space is strong
According to Philadelphia rental data from RENTCafé:
- Rental applications rose by 8%
- The number of renters moving into the city from elsewhere rose by 4%
- 53% of new arrivals were urban dwellers and their median age was 28
According to rental data from Yardi Matrix:
- 1,843 new units were added in the city in 2020
- 2,757 units were added in the suburbs in 2020
- Rents fell 0.6% in the city and 0.5% in the suburbs due to increased supply
Yardi Matrix’s Doug Ressler predicts rents will rise modestly in the city and a good deal more in the suburbs

Philadelphia Magazine: ‘Will Philly’s 2020 Real Estate Party Continue into 2021?’