“Philadelphia’s rental market is on fire right now and has no signs of slowing down. That’s according to a recently published TD Economics report that found that the city’s apartment market is the “epicenter” of real estate activity, “with both absorptions and completions running at twice the pace seen over the past 15 years.”

“Philadelphia’s apartment market is really, out of all of the CRE markets that we looked at, it’s the hottest one,” says Michael Dolega, TD Bank’s senior economist.

Using CoStar data, the report determined that while Philly’s homeownership rates declined by 6.1 percentage points between 2007 and 2014, apartment vacancy rates have dropped to historic lows. Dolega says, “The vacancy rates in apartments in Philly area are dropping to a very, very low number. It was basically at 3.7 percent at the end of 2015, which is the lowest vacancy rate since 1988. It’s tremendous.”

So why is the apartment market so hot? One word: Millennials.”

Want to know more? Read the full article at Curbed Philly.

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