Rental Market In Suburban Philly Among Nation's Most Competitive: Study

SOUTHEASTERN PENNSYLVANIA — The rental market in southeastern Pennsylvania is among the most competitive in the country, according to a new study analyzing available units to rent and comparing those numbers to the overall demand.

The average occupancy rate in Montgomery, Bucks, Chester, and Delaware counties is 94.7 percent. That's compared to 92.9 percent in Philadelphia and 94 percent nationally, according to statistics from industry analysts at RentCafe.

Overall, the stats give suburban Philly the 11th most competitive rental market nationwide.

"Once again, Suburban Philadelphia outperformed its urban counterpart, the City of Brotherly Love, in terms of competitiveness," RentCafe said in a statement in releasing its study. "While Philadelphia itself is ranked 32nd as a sought-after large renting hub, its suburb claims an impressive 11th place nationwide."

The burbs also boast 10 prospective renters per vacant unit, above the national average of 9, and 76 percent of suburban Philly renters are renewing their leases, adding to the competition.

On top of that, demand is not quite being met: just 0.27 percent of units are newly built in the past several months, compared to Philadelphia's 0.36 and the national average of 0.64.

Miami-Dade County led the nation in RentCafe's study with an overall competitive score of 120. They were followed by North Jersey, southwest Florida, Broward County, Florida, and Omaha, Nebraska.