Philadelphia Multifamily Market Report
Demand Sustained in New Jersey, While Record
Supply Inflows Add Short-Term Pressure Downtown
Eastern suburbs aided by a minimal construction pipeline. Since the opening quarter of 2020, the Camden-Cherry Hill and Gloucester County areas have noted few apartment additions, despite ranking as two of the metro’s tightest submarkets. Offering lower average rents than downtown and proximity to the city center, these areas appeal to a diverse renter pool that is supporting below-average unit availability across property classes. Though tightening consumer budgets amid slowing household income growth lead to expanding availability across the metro, fundamentals in these submarkets should register minimal adjustments as a reduced local development pipeline is sustained through the end of 2023. Furthermore, continued supply constraints and below-average availability likely help these eastern suburbs build off their more than 10 percent year-over-year rent growth rates noted in the first quarter.