It’s just about one square mile, but Philadelphia’s Old City is one of the most historic places in the nation. Located in Center City — Philadelphia’s large downtown area between the Delaware and Schuylkill rivers — the Old City contains 18th-century cobblestone streets and homes that are older than the nation itself. A few of them are on Elfreth’s Alley, which dates to 1702 and is known as the country’s first residential street. Old City’s borders, though debated, generally extend from the Delaware river to 7th Street, and contain the main hallmarks of America’s founding, such as the Liberty Bell Center, the National Constitution Center, and Independence Hall — where the U.S. Declaration of Independence and Constitution were signed. The “independent spirit” that gave rise to the new nation is still palpable in abundant local shops, art galleries, and eateries.
As you can imagine, considering that Old City is the historical heart of the nation, renting in this area can be pricey. But it’s rewarding: Even many the newer buildings in this area carry hints of historic appeal, such as tall ceilings, huge windows, worn brick, and tin ceilings.
If you're not sure how much an apartment will cost, the table below shows the average price by size.
Welcome to the October 2022 Philadelphia Apartment Report. In this assessment of the local rental market, Rentable data scientists and rental experts break down the October 2022 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.
Philadelphia rent prices increased over the last month. From September to October, the city experienced a 0.66% increase for the price of a one-bedroom apartment. The rent price for a Philadelphia one-bedroom apartments currently stands at $1,228.0.
When we take a look at the two-bedroom comparison from September to October, Philadelphia experienced a -0.06% decrease for the price of a two-bedroom apartment. The rent price for a Philadelphia two-bedroom apartments currently stands at $1,754.0.
Rent prices have increased 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 Norristown, PA, King Of Prussia, PA, Exton, PA, Cherry Hill, NJ, West Chester, PA .
Rent decreased in Bryn Mawr, PA, Wilmington, DE.
7 suburbs are currently priced higher than the city of Philadelphia.
Rent growth in Philadelphia over the past year has been on the rise. When compared to major cities nearby, along with some of the most expensive cities in the country, Philadelphia average rent prices appear to be relatively affordable for local residents.
The price for a Philadelphia one-bedroom apartment remains vastly more affordable than four of the largest cities in the United States — New York City, Washington, D.C. San Francisco and Los Angeles. And pricing compares quite similarly to nearby Midwest cities.
You can view the full rundown of Rentable's October 2022 National Apartment Report and data set here.
For more information about Philadelphia and surrounding area rent prices, take a look at the complete data set below.
|1 BR October||1 BR M/M % Change||2 BR October||2 BR M/M % Change|
|King Of Prussia, PA||$2,046.0||1.24%||$2,561.0||1.07%|
|Cherry Hill, NJ||$2,114.0||1.73%||$2,523.0||0.84%|
|Bryn Mawr, PA||$2,089.0||-2.84%||$2,770.0||-4.25%|
|West Chester, PA||$1,776.0||0.97%||$2,103.0||-1.68%|
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.