Considering moving to Philadelphia? Before you start apartment hunting, learn about the local rental market. Make sure you know the average rent in Philadelphia to get your budget started!
Average Rent in Philadelphia
- The average rent for a Philadelphia studio apartment is $1,415
- The average rent for a Philadelphia 1-bedroom apartment is $1,721
- The average rent for a Philadelphia 2-bedroom apartment is $2,042
- The average rent for a Philadelphia 3-bedroom apartment is $2,059
Interested in starting your Philadelphia apartment search, here’s how to find an apartment in Philadelphia.
Philadelphia Rent Trends: Rent Growth
Philadelphia rents have increased by 1.26% compared to last month, and are up by 2.83% compared to last year.
For a broader discussion of rent changes across the country, check out our National Rent Report. You can download the raw data containing rent estimates for hundreds of cities across the country.
Philadelphia Rent Trends: Inventory by Average Apartment Rent
- 19% of apartments in Philadelphia are studio apartments.
- 42% of apartments in Philadelphia are 1-bedroom apartments.
- 25% of apartments in Philadelphia are 2-bedroom apartments.
- 14% of apartments in Philadelphia are 3-bedroom apartments.
Average Rent in Philadelphia Neighborhoods
Has your ideal Philadelphia neighborhood already been picked out? Rent prices across neighborhoods can vary, so get familiar with the average rent prices across the various neighborhoods in Philadelphia.
- The most expensive neighborhoods in Philadelphia are University City ($2,487), Center City West ($2,204), and Rittenhouse Square ($2,086).
- The most affordable neighborhoods in Philadelphia are Washington Square West ($1,489), Brewerytown ($1,484), and Harrowgate ($1,246).
What Salary Do You Need to Live in Philadelphia?
Using the 30% rule, we can give a rough estimate of the salary needed to rent an apartment in Philadelphia. If these numbers look high, remember that a roommate or two can drastically cut down your monthly rent!
- If you are renting an average-priced studio apartment in Philadelphia, your annual salary should be around $50,940 or higher.
- If you are renting an average-priced 1-bedroom apartment in Philadelphia, your annual salary should be around $61,956 or higher.
- If you are renting an average-priced 2-bedroom apartment in Philadelphia, your annual salary should be around $73,512 or higher.
- If you are renting an average-priced 3-bedroom apartment in Philadelphia, your annual salary should be around $74,124 or higher.
If you’re considering renting in Philadelphia, be sure to learn more about the cost of living in Philadelphia.
Having trouble deciding how much rent you can afford? Try using a rent calculator.
Origination: https://www.apartmentlist.com/renter-life/average-rent-in-philadelphia
