Rental rates still going up in Philly, Zumper report shows
The national trend in rental prices may be going down, but prices in Philadelphia continue to rise, according to rental agency Zumper. Around the country, one-bedroom costs fell to a median $1,136 a month, and two-bedrooms fell to $1,350. This represents a significant cooling off from July, when rates were high for both.
Locally, the median one-bedroom unit goes for $1,400 – a 4.48 percent jump from last month and nearly an 8 percent rise from this time last year. A two-bedroom apartment at the median rate costs $1,570 a month, up 4.67 percent from last month and a whopping 12.95 percent from last year. That means Philly joins Seattle, Pittsburgh, Houston and Colorado Springs among the markets with the most notable changes in September.
Things could be worse: a one-bedroom will set you back about $3,420 in San Francisco. And despite two straight months of falling rates in New York City, a one-bedroom there will still cost you about $3,040.
Know of an interesting property in the Philadelphia or South Jersey region? E-mail us!