Philadelphia, PA Rental Market Trends

Philadelphia Rent Report: December 2023

Welcome to the Apartment List December 2023 Rent Report for Philadelphia, PA. Currently, the overall median rent in the city stands at $1,236, roughly the same as last month. Prices are now down 0.9% 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 nation as a whole.

Philadelphia rents are flat month-over-month and down 0.9% year-over-year

The median rent in Philadelphia fell by 0.5% over the course of November, and has now decreased by a total of 0.9% 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 (-1.1%).

Philadelphia rent growth in 2023 pacing below last year

Eleven months into the year, rents in Philadelphia have risen 2.1%. This is a slower rate of growth compared to what the city was experiencing at this point last year: from January to November 2022 rents had increased 3.5%.

November rent growth in Philadelphia ranked #31 among large U.S. cities

Philadelphia rents went down 0.5% in the past month, compared to the national rate of -0.9%. Among the nation's 100 largest cities, this ranks #31. Similar monthly rent growth took place in El Paso, TX (-0.5%) and Baton Rouge, LA (-0.5%).

Philadelphia is the #69 most expensive large city in the U.S., with a median rent of $1,236

Citywide, the median rent currently stands at $1,115 for a 1-bedroom apartment and $1,299 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $1,236. That ranks #69 in the nation, among the country's 100 largest cities.

For comparison, the median rent across the nation as a whole is $1,149 for a 1-bedroom, $1,317 for a 2-bedroom, and $1,340 overall. The median rent in Philadelphia is 7.8% lower than the national, and is similar to the prices you would find in Greensboro, NC ($1,269) and Columbus, OH ($1,235).