The Philadelphia multifamily market ended last year on a strong note despite more apartment units coming onto the market.
The apartment sector in the city saw asking rents grow by 2.6 percent and its vacancy decline slightly to 3.3 percent, according to Reis Inc., a real estate research company.
Average monthly rent is $1,092. New York and San Francisco top the list in rent growth with average prices coming in at $3,105 and $2,081, respectively.
Of the top 79 U.S. markets, Philadelphia ranked 24th in it vacancy rate with New Haven, Conn., having the lowest at 2.2 percent and Memphis, Tenn., with 8 percent of its apartment inventory empty.