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18 Nov, 2025
Analysis | Latest
Philadelphia CBSA: 2021 Surge, 2023 Reset, Path to Recovery
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Written by James McLean

James McLean is the Head of Business Development at Radius+. James helps maintain external relationships with clients and assisting internally with the sales process. He also, manages internal data processes working alongside the operations team to ensure we are supporting high level data quality.

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Last week the Radius+ team was in Philadelphia, so we took a closer look at the Philadelphia-Camden-Wilmington, PA-NJ-DE-MD CBSA.

Supply added by year relative to total:

  • 2019- 3.1%
  • 2020- 4.2%
  • 2021- 7.5%
  • 2022- 3.2%
  • 2023- 6.5%
  • 2024- 3.3%
  • 2025- 3.2%

Philadelphia saw a heavy influx of supply in 2021 which was quickly absorbed due to the COVID drivers during that time. This attracted more new development which delivered in 2023 once demand had subsided causing rental rates to crash. With 2024 and 2025 still seeing new supply added albeit more measured- rental rates will take a while before demand catches up with the supply and rates begin to make sense for new development.

Philadelphia-Camden-Wilmington, PA-NJ-DE-MD CBSA.

Philadelphia-Camden-Wilmington, PA-NJ-DE-MD CBSA.