Welcome to the October 2023 Philadelphia Apartment Report. In this assessment of the local rental market, Rentable data scientists and rental experts break down the October 2023 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 1.33% increase for the price of a one-bedroom apartment. The rent price for a Philadelphia one-bedroom apartments currently stands at $1,294.0.
When we take a look at the two-bedroom comparison from September to October, Philadelphia experienced a 0.43% increase for the price of a two-bedroom apartment. The rent price for a Philadelphia two-bedroom apartments currently stands at $1,885.0.
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 1 of the Philadelphia suburb increased last month. On the other hand, 6 local areas experienced a decrease in the price of a one-bedroom apartment.
More key findings include:
Rent increased in Exton, PA .
Rent decreased in King Of Prussia, PA, Norristown, PA, Bryn Mawr, PA, Hatfield, PA, Cherry Hill, NJ, Lansdale, PA.
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.
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||$1,920.0||-0.52%||$2,598.0||-1.44%|
|Bryn Mawr, PA||$2,090.0||-3.29%||$2,757.0||-1.15%|
|Cherry Hill, NJ||$1,818.0||-2.73%||$2,589.0||4.19%|
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.