Philadelphia Rent Report: May 2024

Welcome to the Apartment List May 2024 Rent Report for Philadelphia, PA. Currently, the overall median rent in the city stands at $1,410, after rising 1.2% last month. Prices remain down 0.0% year-over-year. Read on to learn more about what’s been happening in the Philadelphia rental market and how it compares to trends throughout the broader Philadelphia metro area and the nation as a whole.

Philadelphia rents are up 1.2% month-over-month and flat year-over-year

The median rent in Philadelphia rose by 1.2% over the course of April, and has now decreased by a total of 0.0% over the past 12 months. Philadelphia’s rent growth over the past year has is similar to both the state (0.4%) and national averages (-0.8%).

Philadelphia rent growth in 2024 pacing below last year

Four months into the year, rents in Philadelphia have risen 1.8%. This is a slower rate of growth compared to what the city was experiencing at this point last year: from January to April 2023 rents had increased 2.6%.

April rent growth in Philadelphia ranked #19 among large U.S. cities

Philadelphia rents went up 1.2% in the past month, compared to the national rate of 0.5%. Among the nation's 100 largest cities, this ranks #19. Similar monthly rent growth took place in Louisville, KY (1.2%) and Des Moines, IA (1.1%).

Philadelphia is the #53 most expensive large city in the U.S., with a median rent of $1,410

Citywide, the median rent currently stands at $1,289 for a 1-bedroom apartment and $1,491 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $1,410. That ranks #53 in the nation, among the country's 100 largest cities.

For comparison, the median rent across the nation as a whole is $1,226 for a 1-bedroom, $1,381 for a 2-bedroom, and $1,396 overall. The median rent in Philadelphia is 1.0% higher than the national, and is similar to the prices you would find in Nashville, TN ($1,421) and Las Vegas, NV ($1,401).

Philadelphia rents are 8.1% lower than the metro-wide median

If we expand our view to the wider Philadelphia metro area, the median rent is $1,534 meaning that the median price in Philadelphia proper ($1,410) is 8.1% lower than the price across the metro as a whole. Metro-wide annual rent growth stands at 0.9%, above the rate of rent growth within just the city.

The table below shows the latest rent stats for 5 cities in the Philadelphia metro area that are included in our database. Among them, Exton is currently the most expensive, with a median rent of $2,256. Norristown is the metro’s most affordable city, with a median rent of $1,278. The metro's fastest annual rent growth is occurring in Newark (1.8%) while the slowest is in King of Prussia (-2.0%).

You can also use the map below to explore the latest rent trends in the Philadelphia metropolitan area.