The July rent report continues to be a tale of modest monthly increases juxtaposed with more sizable year-over-year growth, according to the apartment tracker Zumper. Nationally, one-bedroom rents grew about 1 percent last month but are up 4 percent since July 2017, according to Zumper’s latest rent report. Locally, our rental growth makes us the 16th most expensive city for renters in the nation.
While the median one-bedroom rental is about $1,209, a one-bedroom apartment in Philadelphia will cost you about $1,500. That’s a 0.7 percent increase since last month, but a whopping 7.9 percent increase since this time last year. Good news for you and your roommates: Two-bedrooms in Philly remained flat at $1,700 a month for July, but even that figure is 6.9 percent higher than July 2017.
The top five rental markets are still significantly more expensive than ours: in San Francisco, a one-bedroom will run you about $3,500 a month; in New York, you’ll spend $3,200, and in San Jose, you’ll drop $2,480. Last month’s 16th most expensive rental city, Providence, Rhode Island, dropped three places this month with the biggest decline in the country. Rents there are down 5.3 percent for one-bedrooms.