business

The latest on Philadelphia rent: Still too high

Shannon Rooney, Real Estate Blogger

Updated: Tuesday, October 3, 2017, 6:30 PM

There’s good news and bad news for Philadelphia renters. On the one hand, a report from Apartment List shows that rental rates have been flat since last month. Isn’t that refreshing? On the other hand, rates are still up compared with this time last year.

All of this translates to median monthly rents remaining around $970 for a one-bedroom apartment and $1,170 for a two-bedroom. It’s worth noting that while the rates were stagnant last month, the two-bedroom cost is still slightly north of the national average of $1,160. Plus, while Philly rents grew 1.4 percent since 2016, the national rent has grown by about 2.8 percent during that time period.

As usual, those costs don’t seem so outrageous when you consider neighbors like Baltimore ($1,200 for a two-bedroom), Washington, D.C. ($1,550), and New York ($2,490). Are you paying attention, Amazon?

Shannon Rooney, Real Estate Blogger

Read full story: The latest on Philadelphia rent: Still too high

More Coverage:

Property Line: Three Fort Washington homes under $600,000

An exclusive look at the new luxury apartments in the Curtis Center