From the department of pigs flying and cats and dogs living together: Rental rates for one- and two-bedroom apartments in Philadelphia fell last month. According to a new report by Zumper, the dip is in line with rental rates nationally.
According to Zumper’s monthly rental index, the national median rent for a one-bedroom apartment fell 1 percent to $1,243. In Philadelphia, the one-bedroom price fell 0.7 percent to about $1,400 last month. A two-bedroom will now likely run you about $1,500 — a 3.2 percent decrease. While the dip in one-bedroom prices is something of a national trend, the median rent for a two-bedroom apartment actually increased 0.2 percent to $1,391.
Even while rates have fallen in Philly, they are still north of the national median rents for one- and two-bedrooms. And while the downward trend sounds like welcome news, it’s still worth mentioning that year-over-year comparisons have most markets (and the national average) way up. Locally, a one-bedroom unit will cost you about 2.2 percent more this year than last — even with the dip last month.
Overall, the report pegs Philadelphia as the 16th most expensive market in the nation for rentals. We’re still behind the usual suspects: San Francisco, New York, San Jose. The 16-spot is also occupied by Providence, Rhode Island.