The Center Holds: Residential Resiliency - February 2022


Report

The Center Holds: Residential Resiliency

2022


Published February 22, 2022




For the last two decades, Greater Center City has been the fastest growing residential section of both Philadelphia and the entire region. The events of 2020 seemed to challenge this momentum as some speculated that residents in all large cities might abandon downtowns for good.


Yet, the center held.


After a temporary dip in population, as many college students returned home and some owners of second homes relocated, the number of downtown residents on sidewalks in Center City had rebounded to 2019 levels by the end of 2021. Rents and home sale prices held up and the number of newly-permitted residential units in both Center City and citywide reached the highest point in decades in 2021.


For a narrative of trends, along with explanatory charts, download the 20-page report at - The Center Holds: Residential Resiliency 2022.


In the News March 7, 2022 | Report: Center City housing rebounds to pre-pandemic levels, defying expectations, KYW Newsradio February 24, 2022 | Center City housing rebounding from pandemic lows, Axios Philadelphia February 23, 2022 | 5 takeaways from a housing report focused on Center City, The Philadelphia Inquirer February 22, 2022 | After some pandemic setbacks, Center City apartment market regains momentum, Philadelphia Business Journal