Penn received a record high 40,394 applications for the Class of 2021

They do increase the quota for international students, which also means fewer slots for US students.

Penn is building new dorms, and is considering to increase the size of the class. it is already the 2nd largest Ivy.

More housing could increase future freshman class sizes, but Furda isn’t making promises

http://www.thedp.com/article/2017/01/penn-freshman-class-size-stable