Investors: 📊 Philly Rental Market – March 2025 Snapshot (Residential Lease)

[Steven Worley]

Residential Lease Data – All Property Types

Here’s how the Philadelphia rental market moved last month:

📌 Activity Overview

• Units Listed:

  • March: 2,057

  • February: 1,614 ➜ +27.4%

• Units Rented (Closed):

  • March: 1,129

  • February: 808 ➜ +39.7%

• End-of-Month Inventory (EOM):

  • March: 4,188

  • February: 4,282 ➜ -2.2%

• Month’s Supply of Inventory (MSI):

  • March: 4.9

  • February: 5.0 ➜ Slight decrease

💰 Pricing Trends

• Median Listed Rent:

  • March: $1,825

  • February: $1,750 ➜ +4.3%

• Median Rented (Closed) Rent:

  • March: $1,700

  • February: $1,600 ➜ +6.25%

• Average Rented Price:

  • March: $1,884

⏳ Days on Market

• Average DOM:

  • March: 69

  • February: 73 ➜ Down 4 days

• Cumulative DOM (CDOM):

  • March: 74

  • February: 80 ➜ Down 6 days

📈 Summary:
The Philadelphia rental market saw strong growth in March, with notable increases in new listings and units rented. Pricing edged upward across both listed and closed rents, while average days on market dropped — indicating higher renter activity and faster lease-up times.

As inventory begins to stabilize, landlords and property managers may benefit from re-evaluating pricing and renewal strategies heading into Q2.