The Philadelphia suburban rental market is among the most competitive in the nation, despite prices having risen significantly due to the high demand. Ryan Mulligan unlocked the particulars in the Philadelphia Business Journal.

To determine the most competitive markets, RentCafe looked at:

• How long rentals were vacant
• Percentage of occupied apartments
• Number of renters competing for apartments
• Percentage of renters who renewed their leases
• Share of new apartments coming onto the market

Suburban Philadelphia ranked in 17th place with a 78.1 competitiveness score, compared to 65.1 within the city.

The suburbs also have fewer vacancies than Phila., at 95.8 percent compared to 95.4 percent in the city.

Meanwhile, the number of renters renewing their leases is one of the highest in the country at 78.1 percent.

The number of new apartments increased by 0.3 percent in suburban Phila., compared to 0.6 percent in the city.

This lack of inventory is pushing developers to build and open new properties.

Just this month, The Crossings at Ambler Station opened for new renters. And Galman Group based in Jenkintown is currently working on a $30 million apartment project there. That building is expected to open early next year but has already received multiple leasing inquiries.

Read more about the suburban rental market in the Philadelphia Business Journal.

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