The March rent report from real estate firm Zumper puts Philadelphia at the 17th most expensive market in the nation — down one spot from previous reports given relatively flat prices for one-bedroom units (still hovering around $1,400 monthly) and modest, 4 percent growth for two-bedroom units (now up to $1,560 each month) since February.
Nationally, rents for one-bedroom units were up 4.6 percent to $1,300, which shows an increase of 11.6 percent since this time last year. Despite Philadelphia’s monthly dip, the market here for one bedrooms is still up several points compared with this time last year. For two-bedroom units, the Philadelphia market is up 1.3 percent.
The agency took a deeper look at where exactly rents were up and down locally. Despite boasting some of the city’s highest rents, Center City showed what Zumper called a “cooling effect,” with rents down 8.46 percent in Washington Square West and down 5.65 percent in Center City West.
Neighborhoods in the city’s outer edges displayed some of the strongest growth on the map. Rental costs increased in Point Breeze by 22 percent compared with this time last year. In Mill Creek, rents were up 21 percent. Kensington saw the third-largest increase at 17 percent.
Check out the whole report to see where your neighborhood lands.