Philadelphia, PA Renter Market Trends
October 2022 Philadelphia Rent Report
Welcome to the October 2022 Philadelphia Rent Report. Philadelphia rents declined over the past month. In this report, we'll evaluate trends in the Philadelphia rental market, including comparisons to similar cities nationwide.
Philadelphia rents decline sharply over the past month
Philadelphia rents have declined 0.8% over the past month, but have increased significantly by 5.0% in comparison to the same time last year. Currently, median rents in Philadelphia stand at $1,135 for a one-bedroom apartment and $1,322 for a two-bedroom. This is the second straight month that the city has seen rent decreases after an increase in July. Philadelphia's year-over-year rent growth lags the state average of 5.7%, as well as the national average of 7.5%.
Philadelphia rents more affordable than many comparable cities nationwide
As rents have increased significantly in Philadelphia, a few other large cities nationwide have seen rents grow more modestly. Philadelphia is still more affordable than most similar cities across the country.
- Philadelphia's median two-bedroom rent of $1,322 is slightly below the national average of $1,360. Nationwide, rents have grown by 7.5% over the past year compared to the 5.0% increase in Philadelphia.
- While Philadelphia's rents rose significantly over the past year, many cities nationwide also saw increases, including Miami (+15.6%), New York City (+12.1%), and Columbus (+10.0%).
- Renters will find more reasonable prices in Philadelphia than most comparable cities. For example, San Francisco has a median 2BR rent of $2,673, which is more than twice the price in Philadelphia.
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 about the methodology on our blog.
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.
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.
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