Multifamily Owners Face Increased Lease-Up Competition As Apartment Development Ramps Up in and Around Center City

Five sections in or around Center City Philadelphia lead the entire region in total number of apartment units under construction. The Northern Liberties, North Philadelphia, Center City, South Philadelphia and University City sections, collectively, account for 64% of all new apartment inventory underway across the Philadelphia region. Each section has more than 1,300 units scheduled to reach completion over the next year and a half.