February rent report: Philly experienced 4th highest rent increase in U.S.
You don't have to go far to find people opining about rental rates in Philadelphia on the Internet (see: here, here and here or a start). Abodo has weighed in with their February report, and by their count, Philadelphia's rates are climbing precipitously.
The apartment-hunting website calculated that the average one-bedroom rental in Philadelphia stands at $904 a month in Philadelphia. That's an increase of 8 percent from January's $840 a month rate. It also makes the city fourth on the list of biggest increases in the country, behind Reno, Orlando and – puzzlingly – Milwaukee. Meanwhile, cities including San Jose, Chicago and Atlanta are all seeing rates decline. Vegas, too. Maybe they're all moving to Reno instead?
Researchers at Abodo cite trends among boomers and millennials alike for the increased rental traffic and rates. Though they cited a Green Street Advisors report, which cautioned market-watchers about the potential for a looming student housing bubble. Which we're familiar with here at home.
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