Monthly rent in Philadelphia fell again this month, according to researchers at Apartment List. The 0.4 percent decline puts one-bedroom monthly rates around $960 and two-bedroom units at $1,160. Year over year, the rates are up 1.3 percent, behind the commonwealth average of 1.7 percent and the national average of 2.3 percent.
Of the 10 largest cities within the Philadelphia metro region, the same report indicates year-over-year rent increases in nine. West Chester tops the list at $1,270 for a one-bedroom and $1,480 for a two-bedroom apartment. Norristown demonstrated the biggest year-over-year gain, with prices there up 4.2 percent since this time last year. Pottstown’s prices are down in the last month, but still up for the year. Drexel Hill shows a modest 0.2 percent decline since March 2017.
Nationally, Philadelphia remains a more affordable rental market than many other cities around the country. Sacramento tops the United States with 8.6 percent year-over-year growth.
The full report shows which cities in the region are experiencing big growth (hint: take a look at King of Prussia) and where you can find a steal (try Drexel Hill).