A packed house at Bisnow's third annual Philadelphia Multifamily Summit suggests that sector is brimming with potential. But it's challenged by the influx of new supply, making existing properties work harder for each tenant. Panelists partied like it was 2007, as Philly's current multifamily market is reminiscent of those pre-recession days. (That is, if you forget the part where the Phillies miss the playoffs.) Center City's stable, but a lot of supply is coming online next year with more in the pipeline—same with suburban markets, although not as robust. But that trend hasn't dented rents: Annual increases in around 3% are common, including in the 'burbs. Owners are also improving properties to compete and further drive rents.
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