625 Apartments with washer-dryer for rent in Drexel Hill, PA
December 2019 Drexel Hill Rent Report
Welcome to the December 2019 Drexel Hill Rent Report. Drexel Hill rents increased over the past month. In this report, we'll evaluate trends in the Drexel Hill rental market, including comparisons to cities throughout the metro, state, and nation.
December 2019 Drexel Hill Rent Report
Welcome to the December 2019 Drexel Hill Rent Report. Drexel Hill rents increased over the past month. In this report, we'll evaluate trends in the Drexel Hill rental market, including comparisons to cities throughout the metro, state, and nation.
Drexel Hill rents increased over the past month
Drexel Hill rents have remained flat over the past month, however, they are up slightly by 1.1% year-over-year. Currently, median rents in Drexel Hill stand at $909 for a one-bedroom apartment and $1,097 for a two-bedroom. Drexel Hill's year-over-year rent growth leads the state average of 0.7%, but trails the national average of 1.4%.
Rents rising across the Philadelphia Metro
Throughout the past year, rent increases have been occurring not just in the city of Drexel Hill, but across the entire metro. Of the largest 10 cities that we have data for in the Philadelphia metro, 9 of them have seen prices rise. Here's a look at how rents compare across some of the largest cities in the metro.
- Pottstown has the least expensive rents in the Philadelphia metro, with a two-bedroom median of $991; additionally, the city has seen rent growth of 1.3% over the past month, the fastest in the metro.
- Over the past year, King of Prussia is the only city in the metro that has seen rents fall, with a decline of 0.9%. Median two-bedrooms there cost $1,536, while one-bedrooms go for $1,272.
Drexel Hill rents more affordable than many large cities nationwide
As rents have increased slightly in Drexel Hill, a few large cities nationwide have also seen rents grow modestly. Drexel Hill is still more affordable than most large cities across the country.
- Rents increased in other cities across the state, with Pennsylvania as a whole logging rent growth of 0.7% over the past year. For example, rents have grown by 0.7% in Allentown and 0.3% in Pittsburgh.
- Drexel Hill's median two-bedroom rent of $1,097 is below the national average of $1,191. Nationwide, rents have grown by 1.4% over the past year compared to the 1.1% rise in Drexel Hill.
- While Drexel Hill's rents rose slightly over the past year, many cities nationwide also saw increases, including Boston (+1.9%), Columbus (+1.7%), and Seattle (+1.6%).
- Renters will find more reasonable prices in Drexel Hill than most large cities. For example, San Francisco has a median 2BR rent of $3,101, which is more than two-and-a-half times the price in Drexel Hill.
For more information check out our national report. You can also access our full data for cities and counties across the U.S. at this link.
Methodology - Recent Updates:
Data from private listing sites, including our own, tends to skew toward luxury apartments, which introduces sample bias when estimates are calculated directly from these listings. To address these limitations, we’ve recently made major updates to our methodology, which we believe have greatly improved the accuracy and reliability of our estimates.
Read more about our new methodology below, or see a more detailed post here.
Methodology:
Apartment List is committed to making our rent estimates the best and most accurate available. To do this, we start with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, comparing only units that are available across both time periods to provide an accurate picture of rent growth in cities across the country.
Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. Our methodology also allows us to construct a picture of rent growth over an extended period of time, with estimates that are updated each month.
Read more about our methodology here.
About Rent Reports:
Apartment List publishes monthly reports on rental trends for hundreds of cities across the U.S. We intend these reports to be a source of reliable information that help renters and policymakers make sound decisions, and we invest significant time and effort in gathering and analyzing rent data. Our work is covered regularly by journalists across the country.
We are continuously working to improve our methodology and data, with the goal of providing renters with the information that they need to make the best decisions.