All Forum Posts by: Steven Worley

According to a recent Zillow projection, Philadelphia is expected to rank as the 5th most competitive metro area in the U.S. for homebuyers this year.

Key drivers behind this trend:
-Low housing inventory keeping supply tight
-High mortgage rates creating cautious but motivated buyers
-Relative affordability compared to nearby metros (NYC, D.C.)
-Continued migration interest from out-of-state buyers, especially from New York

What this could mean for investors and landlords:

• Increased competition for entry-level and mid-range properties

• Potential for stronger appreciation in key neighborhoods

• Ongoing pressure on rental demand if buyers continue to be priced out or delayed by rates

Curious to hear from other Philly investors — are you seeing more competition on your end already? How are you adjusting your strategies heading into mid-2025?

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.

Yeah, I’ve seen similar questions being raised — especially around the price points and whether those numbers reflect market value or something else going on behind the scenes.

It could be that PHA is prioritizing speed and scale over pricing, especially with their goal to secure 2,000+ units quickly. But I agree — it’s not super transparent, and it raises fair questions about valuation and taxpayer impact.

I’m hoping more details come out over time. In the meantime, I think it’s smart for smaller landlords like us to keep watching how this plays out — especially if it starts affecting comp values in the areas they’re buying in.

Hey, thanks for the comment — I’ve been keeping an eye on that too.

From what I read, PHA recently purchased a 167-unit building in Germantown, along with additional acquisitions in West Philly and South Philly. That makes me think they’re primarily targeting areas closer to the city core rather than the Northeast — at least for now.

They also seem to be focusing on larger multifamily buildings (30+ units) rather than the 5–15 unit range. That said, it’ll definitely be interesting to see if their strategy shifts as they try to hit that 2,000-unit goal.

Appreciate you joining the convo — if I come across more details about where they’re shopping next, I’ll be sure to share.

The Philadelphia Housing Authority (PHA) has announced plans to invest close to $500 million to acquire more than 2,000 apartment units across the city.

This is a major play in the local rental landscape — and one that could shift dynamics for both current and future multifamily investors in the region.

Here’s what’s interesting:

✅ They’re targeting already-occupied multi-unit buildings — with the goal of preserving affordability and preventing tenant displacement.

✅ They’re focusing on scale. These aren’t single homes or duplexes — they’re looking at larger portfolios.

✅ This could lead to more competition for stabilized multifamily assets, especially in neighborhoods with strong rental demand and existing affordability.

💭 From an investor lens, this raises some key questions:

• Will this drive prices higher in specific zip codes or for certain asset classes?

• Will private investors see more opportunities working with city agencies instead of competing against them?

• Could this signal a trend in other metro areas facing similar housing pressures?

Always good to stay aware of what the public sector is doing in your market — especially when they’re buying at scale.

Would love to hear how others see this playing out. Anyone else in a market where the housing authority is actively acquiring properties?

It’s tough to get excited about major funding announcements when basic services like trash pickup are still unreliable and taxes keep rising with little return.

There’s clearly a gap between what’s being promised and what’s actually being delivered. Hopefully, with housing taking center stage, we’ll start to see more accountability and smarter use of resources.

You're absolutely right — funding alone doesn’t guarantee impact without streamlining the legislative and permitting processes that affect development timelines and project viability.

I’ve seen firsthand how delays in L&I, rising material costs, and city-specific challenges make it harder to deliver housing that's actually affordable — both for developers and the end users.

I don’t see the budget as a solution in itself, but hopefully it puts more pressure on the city to align legislation with the urgency of the housing issue.

Mayor Cherelle Parker just proposed a $6.7 billion budget for Philadelphia — and housing is a top priority. 📈

🏠 $400 million in bonds are planned to create and preserve both affordable and market-rate housing across the city.
📉 The budget also includes strategic tax reforms that could boost economic activity and improve housing conditions long-term.
🛠️ The focus? Solving the affordable housing crisis, stabilizing neighborhoods, and creating real opportunity for residents and property owners alike.

As property managers, owners, and investors — this is exactly the kind of forward momentum we like to see.

Philly’s growing, investing in housing, and getting more serious about smart development.

I've been keeping a close eye on a growing trend: Philadelphia has become the top out-of-state destination for New Yorkers looking to relocate—and it's starting to impact the local rental and investment landscape.

Here’s what’s driving the shift (and why it matters for investors):

Affordability Gap

• Philly’s median home price is around $256K
• Manhattan’s is over $1.1M
  This creates a huge opportunity for out-of-state investors looking for cash-flow-friendly markets without breaking into luxury territory.

Rent Gap & Stability

• Philly’s average rent is ~$1,700
• NYC averages over $5,100
  Lower rent means more accessible living, but it also indicates consistent demand—especially from incoming transplants priced out of NYC.

Market Movement

• More demand = longer-term tenant pools and increasing competition for quality units.
• I’m seeing increased interest in value-add multifamily, Section 8-friendly properties, and walkable neighborhoods near transit.

Why This Matters Now
Recent rental market trends in Philly have been cooling off—with Days on Market (DOM) climbing, and rental prices and absorption rates softening.
This inbound demand from NYC could help reinvigorate leasing activity and tighten up vacancy rates, especially in well-located or renovated units.

Hopeful Outlook
If this trend continues, it could shift local dynamics and help bring momentum back to a market that’s seen some slowdown. For those holding or acquiring in the right zip codes, it might be an early sign of recovery and renewed competition.