Invest In Apartment Buildings In Delaware County, PA

Who Rents In Delaware County

About 30.4% of households in Delaware County, PA rent their home. That's 65,930 renter households, according to the Census Bureau's ACS 2020–2024 estimates. Renter households rose 1.9% over five years, close to the population trend (up 2.6%).

The typical Delaware County household earns $89,546 a year, 20.2% more than in the 2015–2019 survey. The number of employed residents rose 1.6% over the same period, and unemployment stood at 6.9%. Rent has risen faster than income (27.3% versus 20.2%), so more tenants are stretched. Well-run older buildings that rent below new construction tend to hold up best in that setting.

Delaware County leans toward ownership. Apartment buildings compete with single-family rentals for tenants, so we look closely at how a property's rents compare with nearby rental houses.

Rents, Vacancy And Supply In Delaware County

Median gross rent in Delaware County, PA is $1,372 a month, up 27.3% from $1,078 in the 2015–2019 survey (U.S. Census ACS 2020–2024). That's fast growth. Part of it reflects the national rent run-up of 2021 and 2022, and some of it can fade when new buildings open nearby, so we don't project the same pace forward.

Rental vacancy is 4.8%, within the normal range for a balanced market. 54.9% of renters spend 30% or more of their income on housing. That limits how hard rents can be pushed, so renewals and retention matter more than big increases.

About 15.4% of homes in Delaware County are in buildings with 5 or more units, roughly 35,359 homes. It grew 7% over five years, a moderate amount of new supply. The median home was built in 1957. Much of the stock is old enough that roofs, plumbing and electrical systems need a close look, and older buildings are where value-add renovation plans start. For comparison, HUD's fiscal year 2027 Fair Market Rent for a two-bedroom unit in the Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA is $1,860 a month.

Delaware County By The Numbers

We track 5 Pennsylvania counties. Delaware County places 3rd for median gross rent, 4th for renter share and 5th for five-year rent growth. Its rents fall in the middle of the pack. Compared with the 2015–2019 survey, Delaware County now has about 14,668 more residents, 1,229 more renter households and 2,313 more homes in buildings with 5 or more units. New homes in 5+ unit buildings outpaced the growth in renter households, so newer buildings are competing for tenants and older ones may need to offer more to keep them.

Cities In Delaware County At A Glance

We follow 2 cities in Delaware County. The largest is Upper Darby, with a median gross rent of $1,328 a month.

Delaware County Compared With Pennsylvania

Delaware County's median gross rent of $1,372 is above the Pennsylvania median of $1,209.

Can Tenants Afford Delaware County Rents?

The median rent in Delaware County works out to $16,464 a year, about 18.4% of the median household income of $89,546. Under the common 30% guideline, a household needs about $54,900 a year to cover that rent comfortably. That's close to the Pennsylvania figure of 18.6%. Renters usually earn less than the all-household median, so the real burden for tenants is higher than this simple ratio shows.

Since the 2015–2019 survey, the median rent rose $294 a month ($3,528 a year), while median household income rose $15,048 a year. Rent has outpaced income, so we are careful about how much further a business plan pushes rents on renewal. HUD's FY2027 Fair Market Rent for a two-bedroom unit, $1,860, is 35.6% above the median gross rent for all unit sizes. That gap matters for buildings that accept Housing Choice Vouchers, since local housing authorities base voucher payment standards on it.

Quick Facts: Delaware County Rental Market

Here's the Delaware County rental market in short form, with the source on every figure.

• Delaware County, PA has 579,222 residents, up 2.6% from the 2015–2019 survey (U.S. Census ACS 2020–2024).
• Median household income in Delaware County, PA is $89,546, up 20.2% over five years (U.S. Census ACS 2020–2024).
• Median gross rent in Delaware County, PA is $1,372 a month, up 27.3% over five years (U.S. Census ACS 2020–2024).
• 30.4% of households in Delaware County, PA rent, about 65,930 renter households (U.S. Census ACS 2020–2024).
• 15.4% of homes in Delaware County, PA are in buildings with 5 or more units (U.S. Census ACS 2020–2024).
• The rental vacancy rate in Delaware County, PA is 4.8%, and 54.9% of renters spend 30% or more of income on rent (U.S. Census ACS 2020–2024).
• The median home in Delaware County, PA was built in 1957 (U.S. Census ACS 2020–2024).

What We Look For In Delaware County

Our buy box in Delaware County is the same one we use nationwide: 5+ unit apartment buildings, stabilized or in need of work, priced on today's rents. Then we test the property against the local data on this page and a full inspection of its major systems.

Property taxes are a big line item for any Pennsylvania apartment building. We underwrite the tax bill after purchase, not the seller's current bill, since a sale often resets the assessment. Pennsylvania has no statewide rent control law, though local rules on notices, fees and deposits still apply. Insurance quotes in Pennsylvania reflect winter storm and frozen-pipe claims, so we get a quote before we make an offer.

Given how fast rents rose here, we assume much slower rent growth going forward and make sure the deal still works if rents stay flat for a while.

Questions To Ask About An Apartment Syndication In Delaware County

Before you invest in an apartment syndication in Delaware County, with us or anyone else, the local data points to a few questions worth asking.

• What vacancy does the plan assume? Rental vacancy in Delaware County is 4.8%. A plan that assumes much lower vacancy than the market should explain why.
• What rent growth is underwritten? Rents here rose 27.3% over five years. Ask whether the plan assumes that pace continues, and what happens to the deal if rents stay flat.
• How was the property tax bill estimated? A sale often triggers a reassessment, so the bill after purchase can be well above what the seller pays today.
• What capital work is budgeted? The median home in Delaware County was built in 1957, so roofs, plumbing and electrical systems deserve their own line items.
• How and when does capital come back? Ask what the plan is for a refinance or sale, and what happens if that takes longer than expected.

How Passive Investing In A Delaware County Apartment Syndication Works

Here's the short version. The general partner, in this case Skyline, finds an apartment building in Delaware County, buys it with a loan and investor capital, and runs it. Limited partners supply part of that capital and hold an ownership share, without landlord duties or personal liability for the loan.

It's a long-term commitment. The property has to be refinanced or sold before most capital comes back, and the outcome isn't certain. Eligibility rules vary by offering, and most are limited to accredited investors. See investing with Skyline Capital for how we work with limited partners.

Getting Started

Start by joining our investor network. Members get market updates and educational content by email. When we have an opportunity in Delaware County or another market, we contact eligible members directly. Joining is free and doesn't commit you to anything.