Insights / Philadelphia
Philadelphia, PA Multifamily Market Read | August 2026
Philadelphia reads Firm and Steady, so landlords have the edge. Asking rents are firming, up 2.8% over the past year (Zillow ZORI, monthly, latest Jun 2026). This brief lays out what the current data shows for Philadelphia, grouped by how often each source updates.
Updated August 5, 2026
What is moving now (monthly)
Asking rents are firming, up 2.8% over the past year (Zillow ZORI, monthly, latest Jun 2026). Jobs are growing modestly, up 0.6% over the past year (BLS, monthly, latest Jun 2026).
The backdrop (yearly, US Census Bureau)
Vacancy was 5.0%, in a middling range, in the Jan 2024 count (US Census Bureau). This is a yearly snapshot, not a monthly signal. New permitting was moderate, -2.2% in the Jan 2024 count (US Census Bureau, building permits). A standing yearly figure, not a live signal. Net migration was negative at -2.0 per 1,000 residents in the Jan 2024 count (US Census Bureau).
Rent context
The metro median rent is about $1,567 a month (US Census Bureau, yearly).
What the data shows
Taken together, Philadelphia is Firm and steady: landlords have the edge. The monthly movers, asking rent and jobs, are the live part of the picture, while vacancy, permitting, and migration are yearly snapshots that set the backdrop. MetroSgnl reads the market from public data and shows every figure with its source and cadence. This is market information, not investment advice, and not a recommendation about any property.
Is the Philadelphia rental market tight or soft right now?
Philadelphia reads Firm right now, so landlords have the edge.
Which way is the Philadelphia market heading?
Philadelphia is steady right now, as asking rents firm over the past year (Zillow ZORI, monthly).
Is Philadelphia a landlord's or a renter's market?
Philadelphia is a landlord's market right now, because it reads Firm.
What is the vacancy rate in Philadelphia?
Vacancy in Philadelphia is 5.0% in the Jan 2024 count, a yearly snapshot rather than a live monthly signal (US Census Bureau).
How much have Philadelphia rents changed?
Asking rents in Philadelphia are up 2.8% over the past year (Zillow ZORI, monthly, latest Jun 2026).
Recent coverage
Daily, from the MetroSgnl news feed. Headlines only.
Data: Zillow ZORI, BLS, US Census Bureau, Redfin, FRED, and the MetroSgnl news feed. Updated daily. Market information only, not investment advice.