Clarendon Awarded Philadelphia Real Estate Services Contract
Clarendon has been selected by the Philadelphia Housing Authority (PHA) to provide comprehensive commercial real estate appraisal, brokerage, affordable housing development marketing, market studies and related services for properties in its Philadelphia portfolio.
PHA's portfolio spans approximately 12,850 public housing units, including high-rise developments, family properties, and scattered site homes, alongside affordable housing developments. The Authority serves an additional 22,600 families through the Housing Choice Voucher Program, making PHA one of the largest public housing authorities in the United States.
The Philadelphia Multifamily Market
Philadelphia represents one of the largest and most diversified multifamily markets on the East Coast, serving as the anchor for a three-state metropolitan region. The Philadelphia metropolitan area encompasses approximately 6.35 million residents across Pennsylvania, New Jersey, Delaware, and Maryland, ranking as the eighth-largest metropolitan area in the nation with a GDP exceeding $557 billion.
The Greater Philadelphia multifamily market comprises approximately 350,000 rental units organized across distinct urban, suburban, and urban-peripheral submarkets. The market exhibits strong geographic diversity, with urban concentration in Center City, Northern Liberties, Fishtown, and the Delaware Waterfront, while major suburban markets span Montgomery County, Delaware County, and Southern New Jersey communities including Cherry Hill and Camden.
The region's economy is anchored by healthcare and education sectors—often referred to as "eds and meds"—which collectively account for 23% of employment. Major institutions including the University of Pennsylvania, Jefferson University, Temple University, and leading pharmaceutical companies such as AstraZeneca, Merck, and Johnson & Johnson position Philadelphia as a leading international biotechnology hub. Beyond healthcare, the job market demonstrates strong diversification across professional and business services (17%), government (11%), retail (10%), and finance, insurance, and real estate (8%).
The market has demonstrated resilient fundamentals through economic cycles, supported by diversified employment, relatively affordable housing costs compared to peer coastal markets, and consistent in-migration from higher-cost metropolitan areas. Philadelphia's strategic Mid-Atlantic location along the I-95 Corridor has driven significant growth in logistics and warehousing, particularly in South Jersey, further diversifying the regional economy.
From a property composition perspective, the market reflects both historic urban fabric and contemporary development trends. Urban core properties feature a mix of historic rehabilitations and modern high-rise construction, particularly concentrated in Center City and rapidly transforming neighborhoods such as Northern Liberties and Fishtown. Suburban markets are dominated by garden-style and mid-rise communities, with significant concentrations in key employment corridors throughout Montgomery County and Southern New Jersey.
Clarendon offers a full range of affordable housing compliance services including:
Appraisal
Market Studies (HUD Section 8 Rent Comparability Studies, LIHTC)
Development Support & Feasibility Analysis
Brokerage
Inspection
Facility Support
To learn more about Clarendon's services, please click here.
ABOUT THE PHILADELPHIA HOUSING AUTHORITY
The Philadelphia Housing Authority (PHA), established in 1937, is the nation's fourth-largest public housing authority and the largest landlord in Pennsylvania, housing over 76,000 people across the city. PHA's portfolio spans approximately 12,850 public housing units, including high-rise developments, family properties, and scattered site homes, alongside affordable housing developments. The Authority serves an additional 22,600 families through the Housing Choice Voucher Program, making PHA one of the largest public housing authorities in the United States.
PHA administers multiple funding programs including conventional public housing subsidized by the U.S. Department of Housing and Urban Development (HUD), Housing Choice Voucher programs, and mixed-finance development initiatives utilizing RAD, LIHTC, FHA, and Federal Home Loan Bank financing.
ABOUT CLARENDON
Clarendon, headquartered in Cleveland, Ohio, is a trusted partner for government compliance and advisory solutions, serving local, state and federal agencies and property owners nationwide. Clarendon specializes in HUD-compliant services, including Appraisal, Brokerage, Inspection, Facility Support and Advisory.
