Philadelphia’s college student population is huge, at about 450,000. And many of those students live in one of three areas: Powelton Village, Spruce Hill, or University City. Aptly named, this neighborhood contains the University of Pennsylvania, Drexel University, and the Institute of Contemporary Art and lies just across the Schuylkill River from City Center. University City is extremely walkable, with grocery stores, restaurants, parks, and more all easily reached on foot. Much of the housing here is geared toward students, but there are also larger and more upscale apartments to be found. Regardless, these rentals go fast, so start looking several months in advance for your University City apartment.
If you're not sure how much an apartment will cost, the table below shows the average price by size.
Welcome to the May 2022 Philadelphia Apartment Report. In this assessment of the local rental market, Rentable data scientists and rental experts break down the May 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 decreased over the last month. From April to May, the city experienced a -0.33% decrease for the price of a one-bedroom apartment. The rent price for a Philadelphia one-bedroom apartments currently stands at $1,203.0.
When we take a look at the two-bedroom comparison from April to May, Philadelphia experienced a 0.4% increase for the price of a two-bedroom apartment. The rent price for a Philadelphia two-bedroom apartments currently stands at $1,758.0.
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, 1 local areas experienced a decrease in the price of a one-bedroom apartment.
More key findings include:
Rent increased in Exton, PA, Collingswood, NJ, King Of Prussia, PA, Narberth, PA, Cherry Hill, NJ .
Rent decreased in West Chester, PA.
6 suburbs are currently priced higher than the city of Philadelphia.
Rent growth in Philadelphia over the past year has been declining. 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 May 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 May||1 BR M/M % Change||2 BR May||2 BR M/M % Change|
|West Chester, PA||$2,516.0||0.00%||$2,414.0||0.21%|
|King Of Prussia, PA||$1,917.0||2.95%||$2,542.0||11.49%|
|Cherry Hill, NJ||$2,041.0||4.35%||$2,512.0||6.31%|
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.