CENTER CITY

Philadelphia Apartment Market Saw Rents Rise, Vacancies Drop in 2014

The apartment market in Center City continued to show signs of strength in 2014 but there are some indications that 2015 will be a telling year for the local multifamily sector as projects get completed and more units become available.

In Center City, landlords of Class A apartments saw rents surge by 3.7 percent to $2,128 a month, or $2.23 a square foot, and the vacancy nudge up slightly to 5.7 percent from 5.5 percent.

Though healthy, there are some cracks starting to appear.

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