A recent report from Marcus & Millichap showed that the Philadelphia area's apartment market has become more affordable and vacancies have begun to normalize.
The overall vacancy rate for the area was 3.9 percent during the first quarter, the Philadelphia Inquirer reported, citing the firm's report. This figure has dropped 2.6 percentage points since 2009, when the area reached its highest-ever level.
In addition, average rents increased 0.2 percent in the first quarter to a total of $1,046 per month, the report said. The effective rent average was $1,004 per month, which was 0.6 percent higher quarter-over-quarter. Asking rents increased 1.9 percent and effective rents jumped 2.4 percent since the start of the year.
More property managers may have an easier time increasing rental prices in the area, as the total vacancy level for the region is expected to decline to 3.6 percent during the rest of 2012, the report added. The Center City area has the lowest vacancy rate in seven years, as it declined to 4.1 percent, which means that more potential tenants may be interested in living in the city itself.