Philadelphia’s Apartment Leasing Momentum Carries Through Spring Season

Philadelphia’s apartment market appears to be back on an upward trajectory. The first quarter recorded the highest level of renter demand in over two years and the second quarter is also on track to exceed the market's quarterly average for absorption. This follows a year of market recovery, fueled partly by the growing prevalence of lease concessions, with apartment managers offering as much as three months of free rent during lease-up.