Even as interest rates have skyrocketed, there’s still a good number of apartment projects already in the construction pipeline in and around Philadelphia.
The surge in apartment construction in the last five years has given a new look to entire neighborhoods across America. RentCafe.com‘s latest report analyzes thousands of zip codes to find out which ones built the highest number of new apartments in every metro.
In the Philadelphia metro area, multiple zip codes have experienced a surge in new apartment construction in recent years. One zip code in King of Prussia contributed the most to the metro’s apartment stock with nearly 1,800 new units. At the same time, Philadelphia proper boasts three neighborhoods with at least 1,300 apartments completed in the past five years.
Here’s a detailed breakdown for your metro area:
- At the metro level, zip code 19406 in suburban King of Prussia takes the top spot for new apartment construction, adding 1,778 units to its housing stock in record time. This represents a 42% increase in just five years, pushing the total number of new rentals in this area to 6,058.
- Securing second place is zip code 19104, located to the west of downtown Philadelphia. The 1,536 new units completed in the past five years represent a 26% increase in the zip code’s total supply of apartments. Notably, most renters here are Gen Zers drawn by the zip code’s proximity to University City.
- Next up is Philly’s 19103 zip code, where a total of 1,316 new apartments were completed, primarily attracting millennial renters with an average age of 36 years.
- Coming in fourth is zip code 19131 in the western part of Philadelphia, which added 1,304 new units in just five years, now boasting a total of 5,285 apartments.
- In addition to these areas, there have been notable changes in new apartment construction in Exton’s 19341 zip code, where the number of new apartment units grew by 1,285 in the past five years.
- When it comes to the fastest-growing zip code in the metro in the last five years, 19122 in Philadelphia added 1,258 new units, with its supply of apartments growing by an impressive 82%. This spike in new rentals is even more remarkable, considering that apartment buildings typically require 3-4 years to be completed.