Daily News | Nearly half of Philly’s new homes were in and around Center City last year
Within the zip codes directly above and below the core that make up the rest of greater Center City, developers completed 2,077 housing units in 267 projects. More than 80% of these units were in multifamily buildings with at least five units.
At the beginning of 2023, just under 5,000 apartment units in large-scale buildings are under construction in greater Center City. But because of rising interest rates and construction costs, “it is unlikely that projects that have neither secured financing nor commenced construction will move forward in the near future,” according to the report.In 2021, 41% of the 110,500 housing units in greater Center City were owned by a person living there. More residents just outside core Center City own their homes than they do within the core.
Average asking rents in larger and newer apartment buildings in greater Center City dropped more than 4% in 2020, rose more than 8% in 2021, and increased 1% in 2022. In core Center City, the ups and downs were steeper in 2020 and 2021. Asking rents were up by 0.5% in 2022.
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