Apartments in Ben Franklin Parkway - Kelly Drive Philadelphia

Philadelphia:
May Rent Report

Welcome to the May 2024 Philadelphia Apartment Report. In this assessment of the local rental market, Rentable data scientists and rental experts break down the May 2024 key findings and figures for the Philadelphia rental landscape.

Our experts analyze the pricing trends — one-bedroom, two-bedroom, year-over-year and month-over-month — in Philadelphia and surrounding areas and provide comparisons to the entire metro area, nearby cities and some of the most desirable and expensive cities in the United States. Take a look at the last 12 months of Philadelphia average rent prices in the chart below.

May Prices: Philadelphia vs. Surrounding Areas

Rent Prices in Philadelphia and Surrounding Areas

Rent prices have decreased in Philadelphia over the last month. But how have the surrounding areas fared when it comes to the recent volatility in apartment prices? Rent prices in 5 of the Philadelphia suburbs increased last month. On the other hand, 2 local areas experienced a decrease in the price of a one-bedroom apartment.

More key findings include:

• Rent increased in Mount Laurel, NJ, Bryn Mawr, PA, Norristown, PA, Cherry Hill, NJ, Wilmington, DE .

• Rent decreased in King Of Prussia, PA, Exton, PA.

• 6 suburbs are currently priced higher than the city of Philadelphia.

• 1 suburb is currently priced lower than the city of Philadelphia.

Data set for Philadelphia and suburbs

Methodology

Each month, using over 1 million Rentable listings across the United States, we calculate the median 1-bedroom and 2-bedroom rent prices by city, state, and nation, and track the month-over-month percent change. To avoid small sample sizes, we restrict the analysis for our reports to cities meeting minimum population and property count thresholds.