The other day we received an email from our friend Lauren Gilchrist from the Center City District who pointed us to this article from the Philadelphia Business Journal documenting a big jump in the apartment vacancy rate, due to an abundance of new apartments coming on to the market.
She was curious if we had any data that showed if this increase in supply was manifesting itself in the form of lower rent prices. We knew that we had that data, but we had never actually generated a high-level report on rent trends in Greater Center City (we’ve mostly looked at neighborhoods, census tracts and the city as a whole to date.) So, we put one together to see what it looked like.
The trend graph above clearly shows that rent growth has slowed, and rents may in fact be starting to come down slightly. It’s hard to say where it will go from here but it’s definitely something we will be keeping an eye on as supply continues to enter the market.