Philadelphia Rent Report: April 2024

Welcome to the Apartment List April 2024 Rent Report for Philadelphia, PA. Currently, the overall median rent in the city stands at $1,392, roughly the same as last month. Prices remain down 0.1% 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 flat month-over-month and flat year-over-year

The median rent in Philadelphia rose by 0.4% over the course of March, and has now decreased by a total of 0.1% over the past 12 months. Philadelphia’s rent growth over the past year has has fallen behind the state average (1.0%) and is similar to the national average (-0.8%).

Philadelphia rent growth in 2024 pacing below last year

Three months into the year, rents in Philadelphia have risen 0.5%. This is a slower rate of growth compared to what the city was experiencing at this point last year: from January to March 2023 rents had increased 1.4%.

March rent growth in Philadelphia ranked #55 among large U.S. cities

Philadelphia rents went up 0.4% in the past month, compared to the national rate of 0.6%. Among the nation's 100 largest cities, this ranks #55. Similar monthly rent growth took place in Fort Wayne, IN (0.5%) and Las Vegas, NV (0.4%).

Philadelphia is the #55 most expensive large city in the U.S., with a median rent of $1,392

Citywide, the median rent currently stands at $1,273 for a 1-bedroom apartment and $1,472 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $1,392. That ranks #55 in the nation, among the country's 100 largest cities.

For comparison, the median rent across the nation as a whole is $1,220 for a 1-bedroom, $1,374 for a 2-bedroom, and $1,388 overall. The median rent in Philadelphia is 0.3% higher than the national, and is similar to the prices you would find in Minneapolis, MN ($1,394) and Richmond, VA ($1,383).

Philadelphia rents are 8.8% lower than the metro-wide median

If we expand our view to the wider Philadelphia metro area, the median rent is $1,527 meaning that the median price in Philadelphia proper ($1,392) is 8.8% lower than the price across the metro as a whole. Metro-wide annual rent growth stands at 1.4%, 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 $2,239. Norristown is the metro’s most affordable city, with a median rent of $1,280. The metro's fastest annual rent growth is occurring in Newark (2.8%) while the slowest is in Norristown (-0.7%).

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