May 30, 2017
Recent census data pointed out the staggering prices perspective Philadelphia homeowners are facing while looking to buy, but it turns out renters are also likely to get bogged down by increasingly overpriced living spaces.
Looking at more than a million active rental listings across the U.S., rental search engine Zumper analyzed where the nation’s top metro areas fell and compared prices to last year’s.
Zumper reported Philadelphia as the 14th most expensive city in which to rent a home (tied with Long Beach, California). The median price of a two-bedroom apartment increased by 8.2 percent since the same report was issued a year ago. For one-bedroom apartments, the increase was more subtle at only 0.7 percent.
How much can you expect to pay every month for a Philly apartment? Zumper says the median rent for a one-bedroom is $1,360. For a two-bedroom apartment, expect around $1,580.
Philly’s rise in rental prices reflects that of the rest of the country, with San Francisco and New York still the reigning champions of expensive cities for renters. Cincinnati saw one of the biggest year-over-year rent hikes of all, with an increase of 15.9 percent for a one-bedroom apartment, while Newark, New Jersey, and Baltimore each saw rises around 5 percent.
See the full report here.