One-bedroom rents in Philadelphia are up nearly 10% since last year
Philadelphia is tied with Chicago as the 18th most expensive rental market, according to a comparison of 100 cities across the country.
The median rent for a one-bedroom home in Philadelphia is up 9.8% since this time last year, according to a national report from rental agency Zumper.
The median rent in the city this month is $1,450 for one bedroom and $1,650 for two. Philadelphia is tied with Chicago as the 18th most expensive rental market, according to a nationwide comparison of the top 100 metropolitan areas by population.
Philadelphia has stayed relatively stable in the rankings over the last few years. In January 2018, the city was the 15th most expensive city for renters. It ranked 16th by the end of that year.
Nationwide, the median one-bedroom rent is $1,219, up about $2 from last year. The national median rent for two bedrooms is up $13 from last year to $1,463.
Newark, N.J., is the only other city ranked in the top 25 most expensive rental markets where one-bedroom rents jumped higher than in Philadelphia over the last year. The median one-bedroom rent in New Jersey’s most populous city is $1,330, up 15.7% from last year. Two bedrooms cost $1,560 a month.
The most expensive rental markets in the country come as no surprise. San Francisco ranks No. 1 with median one-bedroom rents at $3,500 and two-bedroom rents at $4,580. New York comes in second. Renters there pay a median price of $3,000 for one bedroom and $3,320 for two bedrooms. Boston is the third most expensive rental market. Bostonians pay $2,500 for one bedroom and $2,900 for two.
The Zumper rent report analyzes data from more than one million active listings across the United States.