Image courtesy of VisitPhilly.com
Steady employment growth over the last several quarters has created a large pool of renters and helped boost the fortunes of the Philadelphia region’s apartment market, real estate investment services firm Marcus & Millichap says. The increase in jobs – 60,000 new ones are anticipated by the end of 2016 – has resulted in the formation of 23,700 new households in the region over the last four quarters, the firm’s research shows. As a result of this increasing demand for rental apartments, developers are accelerating construction and permit activity for multifamily projects.
Leave A Comment
You must be logged in to post a comment.