Between 2019 and 2024, the Philadelphia metro area added an estimated 88,100 residents—its strongest five-year growth in decades. Remarkably, over half of that growth occurred in 2024 alone, signaling a sharp acceleration.
This surge has fueled apartment demand, with nearly 10,200 units leased in 2024, second only to the 2021 post-pandemic boom. According to U-Haul’s Midyear Migration Trends, new residents are primarily relocating from New York City, Central New Jersey, Washington D.C., and Wilmington, drawn by Philadelphia’s relative affordability and regional access.
Suburban counties are leading the charge. Burlington County, NJ, posted the highest growth rate at 1.1%, followed by Chester, New Castle, and Gloucester counties at 1%. Over the past five years, Burlington, Chester, and Gloucester have each averaged 1.3% annual growth, while Philadelphia County declined slightly (-0.1%).
This suburban expansion has tightened rental markets, pushing rents higher due to limited supply. Strong schools, growing corporate hubs along Route 202 and I-295, and walkable town centers are driving demand, especially in areas like Phoenixville, Media, and Conshohocken.
Looking ahead, experts expect growth to moderate. Oxford Economics projects just 0.2% annual population increases through 2029, with future immigration policy playing a key role. For real estate stakeholders, this points to sustained but cooling apartment demand.
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