Renters rejoice? Report says costs down in Philly
According to researchers at apartment-hunting platform Abodo who keep an eye on rental property values and pricing in cities throughout the country – rental rates in Philadelphia have actually fallen in the last month.
Between new construction, rising property values and what seems like a never-ending supply of million-dollar homes on the market, it can sometimes feel like Philadelphia's property market is only moving in one direction.
But – according to researchers at apartment-hunting platform Abodo who keep an eye on rental property values and pricing in cities throughout the country – rental rates in Philadelphia have actually fallen in the last month. The one percent dip in rates makes Philadelphia tenth on the list for biggest falls.
The report notes that growing markets on the West Coast have propped up rental rates in San Jose – up 28 percent – and Los Angeles – up 18 percent. Dallas rents are up 21 percent. Only Baltimore – up 7 percent – and Washington, D.C. – up 14 percent – represented the East Coast on the list of biggest gains. And while Philly is tenth on list of losses, it should be noted that Las Vegas – down 11 percent – and Forth Worth – down 10 percent – have much more significant margins.
Depending on your outlook, if you want to be depressed, impressed or bullish about Philly's rental future, you can also check out Rent Jungle, where they capture monthly rental rates going back to the halcyon days of 2009, where you could get a one-bedroom in Philadelphia for just $972.
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