How Philadelphia ranks on multifamily construction

ucitysum11-09082017-0002
Apartments and condos are going up around Philadelphia. Here is an artist’s rendering of Campus Apartments project at 41st and Sansom Streets.

Consider the Philadelphia real estate landscape since 2000, and you’re likely to imagine a new high-rise apartment and condo buildings erupting regularly for nearly 20 years. A new report from Apartment List confirms your recollections: Between 2000 and 2016, the share of new residential construction on multifamily units in the city increased from 8 percent to 23 percent. That’s a lot of new apartments and condos.

Nationally, multifamily construction is way up when compared with single-family construction. The report notes that spending in the sector is up nearly four times what it was in 2010 — a strong indicator that it has bounced all the way back since the market collapse. Meanwhile, single-family spending nationwide lags significantly behind its peak in 2006. While New York City has spent the most overall on multifamily construction since 2000 (at $64.9 billion), Seattle has spent the most per capita.

Locally, between 2000 and 2016, developers in Philadelphia spent $8.3 billion on multifamily construction, the report says. That puts the city at 18th in the country in terms of raw spending and 21st in the country for per-capita spending on multifamily construction. Of all new residential construction in the city, multifamily projects now comprise a 16 percent increase in that share.

Real Estate Tools
Looking for a new home? Search Philadelphia real estate »
Browse Recent Home Sales »
Compare Philadelphia mortgage rates »