News on rental rates in Philadelphia wasn’t so bad in April. Not only were prices steady for the month, but the city was in relatively good standing compared to rates in other regions in Pennsylvania. Comparisons are also favorable when you consider other cities nationally.
The median rent for a one-bedroom apartment in Philadelphia now stands at $960, while a two-bedroom will generally run about $1,160 each month, according to the market tracker Apartment List. While those rates are basically flat since last month, they do represent about 1.1 percent growth year over year. The state rate of growth is slightly higher at 1.3 percent.
Rental rates have risen in six of the largest 10 cities in Pennsylvania, with West Chester the most expensive location for rentals. A two-bedroom unit there rents for $1,550 a month on average. Norristown and King of Prussia also experienced growth in rental rates above Pennsylvania’s 1.3 percent growth average. Delaware County’s Drexel Hill — where a two-bedroom apartment goes for about $1,080 — was one of three of the larger regions in the commonwealth to see rents fall.
A two-bedroom apartment at $1,160 a month in Philadelphia is just under the national median of $1,170. Rates locally are well behind rental nightmares in Boston ($2,080), New York ($2,470) and San Francisco ($3,060).