Nationally, the April rent report is great news for apartment dwellers. Locally, it’s more of the same: Philadelphia rents are rising again, with costs bumping the city up to the 15th most expensive market in the nation.
The monthly rent report from Zumper showed a drop of nearly 9 percent in the national median rent for a one-bedroom property (down to $1,184). Two bedrooms were up slightly to $1,414 a month.
But in Philadelphia, one-bedroom units jumped 5 percent to $1,470 compared with the previous month, and two-bedroom units are up 5.1 percent to $1,640. The increase moves the city up two spots on the “most expensive” list from last month.
The national dip comes after a historic high last month when a one-bedroom was going for about $1,300. In April, the median rent for a one-bedroom unit is down to $1,184. Two-bedroom units are seeing steady but slow gains.
The most expensive rental cities in the nation remained basically stable in April, but Washington, D.C., lost its standard spot as fourth-costliest region in the country. Rents there dipped 4.1 percent, dropping the District to number six on the list. Draw your own conclusions as to why folks might be fleeing that particular city.