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).
Apartment List is committed to the accuracy and transparency of our rent estimates. We begin 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, capturing apartment transactions over time 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. For more details, please see the Apartment List Rent Estimate Methodology.
Apartment List publishes monthly rent reports and underlying data for hundreds of cities across the nation, as well as data aggregated for counties, metros, and states. These data are intended to be a source of reliable information that help renters and policymakers make sound decisions. Insights from our data are covered regularly by journalists across the country. To access the data yourself, please visit our Data Downloads Page.
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- Philadelphia Apartments with Balconies (980)
- Philadelphia Apartments with Garages (234)
- Philadelphia Apartments with Gyms (340)
- Philadelphia Apartments with Hardwood Floors (1131)
- Philadelphia Apartments with Parking (577)
- Philadelphia Apartments with Pools (98)
- Philadelphia Apartments with Washer-Dryers (1342)
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- Philadelphia Furnished Apartments (126)
- Philadelphia Luxury Apartments (1351)
- Philadelphia Pet Friendly Apartments (1108)
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