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Philadelphia Multifamily Post-Construction Boom Story Map Hero Desktop 2352x720.jpg Philadelphia Multifamily Post-Construction Boom Story Map Mobile Hero 750x480.jpg

Philadelphia Multifamily

Post-Construction Boom Story Map

The expiration of Philadelphia's full 10-year tax abatement on ground-up multifamily construction in 2021 triggered a multifamily construction boom, driving overall inventory growth of 15.8% since that time.

New supply peaked in 2024 with nearly 7,500 units delivered. The pipeline dwindled by year-end 2024 to only 7,775 units under construction — the second consecutive year of decline.

Since 2021, permit activity has also receded to pre-boom levels, indicating that the construction surge has come to an end and the now amended tax abatement triggered a once-in-a-generation supply shock.

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