Philadelphia offers a diverse range of rental options, from historic rowhomes to modern high-rise apartments. In the city's older neighborhoods, it's common to find apartments in converted homes and brownstones, many of which feature charming architectural details and original hardwood floors. In more modern areas, you'll find sleek new apartment buildings with amenities such as rooftop decks, fitness centers, and co-working spaces. In addition to traditional apartments, Philly also offers options like co-living spaces, extremely popular among students and young professionals, where you can rent a private bedroom and share common areas with roommates. The rental market for apartments in Philadelphia is competitive, especially around the start of the school year, so you’ll want to move fast once you find a place you like. Students will want to check out off-campus apartments for rent near Drexel, Temple, and Penn — the major Philadelphia universities.
|Number Of Employees||714,190|
|Median Property Value||$167,700|
Renting in Philadelphia is similar to renting in other American cities, but there are a few things you should know before signing a lease. Here are key aspects to keep in mind: 1. Rental Prices: Rental prices in Philadelphia vary widely depending on the neighborhood and the type of apartment or house you are looking for. In general, however, rental prices in Philadelphia are lower than in other major cities on the East Coast, such as New York or Boston. 2. Neighborhoods: Philly is a large city with many different neighborhoods, each with its own unique personality and vibe. Some popular neighborhoods for renters include Center City, University City, Fishtown, and Northern Liberties. Do your research and visit different neighborhoods to make the decision about where to rent, as some parts of the city have relatively high crime rates. 3. Transportation: Philadelphia has a fairly robust public transportation system, with a network of buses, trolleys, and trains that can get you around the city and surrounding areas. If you have a car, be prepared for limited parking options and the possibility of having to pay for a parking spot. 4. Tenant Rights: Philadelphia has strong tenant protection laws in place to protect renters, such as laws around security deposits and eviction procedures. You can find more information about these laws on the Philly Tenant website, which covers the main topics tenants should be aware of. 5. Utilities: When renting in Philadelphia, be sure to clarify which utilities (such as gas, electricity, water, and trash) are included in your rent and which you'll be responsible for paying separately.
Want to get to know Philly a bit better? Check out some articles from the Rentberry blog:
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Philadelphia is a bustling city with a vibrant business community and a wide range of employment opportunities. From large corporations to small startups, there are plenty of options for tenants looking to work in the city. In particular, the healthcare, education, and technology sectors are thriving in Philly, providing a wealth of job opportunities for those with the right skills and experience. With easy access to public transportation and a variety of neighborhoods to choose from, tenants can find a home close to their workplace and enjoy all that the city has to offer, both professionally and personally.
As a tenant in Philadelphia, it's important to be aware of the city's climate. Philadelphia experiences a humid continental climate with hot summers and cold winters. Summer temperatures can reach over 85°F (29°C), with occasional heat waves reaching into the 90°F (32°C) and higher. In the winter, temperatures usually drop to 30°F (-1°C) and lower, with occasional snowstorms. It's important to ensure that your apartment is properly insulated and equipped with heating and air conditioning to stay comfortable year-round.
When searching for a rental in Philadelphia, it's important to consider the demographics of the neighborhood you're interested in. Philly is a vibrant and diverse city with a population of over 1.5 million people. The demographics of Philadelphia are constantly evolving, with a mix of different racial and ethnic groups, age ranges, and income levels. According to recent data, the largest ethnic groups in Philadelphia are African American, followed by White and Hispanic/Latino. The city is also home to a large student population, thanks to its many colleges and universities.
Philadelphia has a robust public transportation system, which makes it easy for tenants to get around the city. The Southeastern Pennsylvania Transportation Authority (SEPTA) operates buses, trolleys, subways, and regional rail lines throughout the city and surrounding suburbs. Tenants can purchase SEPTA tokens or a reloadable SEPTA Key card to use on all modes of transportation. Additionally, Philadelphia has an extensive bike share program, Indego, with hundreds of bikes available for rent throughout the city.
|May||vs Last Month|
|4+ bed apartments||$4,263||-41.8%|
Over the May 2023, the average rent for an apartment in/near Philadelphia, PA decreased by 33.5% to $2,349.
Compared to the last month, the average price for a rental studio in Philadelphia, PA has decreased by 20.2%. You can expect to rent the studio for $2,024 on average this month. Breaking it down in details, we now see that the average price for 1-bed apartment decreased by 26.8% to $1,884. Pricing for 2-bed apartment also decreased by 32.8% and a place of this size will now cost you $2,383. 3-bed apartment rent pricing starts at $2,622, it decreased by 36.2% lately. We tend to note the rise of 4- and more bed apartment pricing. It decreased by 41.8% and made it down to $4,263.
Rent Type Price
|May||vs Last Month|
|Townhouses for rent||$2,579||+93.3%|
|Houses for rent||$2,461||-42.9%|
|Condos for rent||$2,364||-55.8%|
|Apartments for rent||$2,323||-27.6%|
|Rooms for rent||$870||-5.9%|
|Duplexes for rent||$2,229||N/A|
The median rent for an apartment in Philadelphia, PA decreased by 27.6% to $2,323. Statistics show that house rent price decreased by 42.9% this month making it up to $2,461. Condos faced an upward trend these days. The median rent for a condo decreased by 55.8%, it’s now available for $2,364. An average duplex is now available for $2,229, cause median rent for a duplex remains the same this month. An average room will now go for $870, the median rent price for a room decreased by 5.9%. The median rent for a townhouse increased by 93.3%, you’ll have to spend around $2,579 to get one.
One of the original 5 squares planned by William Penn, Rittenhouse Square is right in the heart of Philly. There are lots of high-rise condos and luxury apartments for rent in this hood. The lovely Rittenhouse Park is also located here — it’s a great place to take the dog for a walk, or just go for a quiet Sunday stroll. You can meet young professionals, grad students, and families renting long-term in this diverse neighborhood.
Center City East is one of Philadelphia's most historic neighborhoods — this where you can see the Liberty Bell and Independence Hall. It’s also the place to go for steaming hot Chinese food. Be sure to walk around Franklin Square on the weekends, and finish off the evening with a stop at the Drinker’s Tavern, a lively pub with regular game nights. There are lots of awesome condos and apartments in City Center East for rent, but they tend to be on the pricier side.
Located close to Temple University and featuring a hoppin’ nightlife, Fairmount-Art Museum is popular with students and young professionals. As you may have guessed from the name, Philly’s major art museums are located here, so you can party Saturday night and get culture Sunday morning. You can find everything from sports pubs to wine bars here. The rest of Philadelphia is easily accessible from here too! One bedroom apartments for rent in Fairmount-Art Museum start around $1690.
The western part of downtown, this hood is one of Philadelphia’s most upscale. The financial district is here, and it boasts some of the tallest skyscrapers in the city — so head up to the One Liberty Observation Deck and check out the view! Center City West is more than just a business district — there’s a thriving nightlife here. There are tons of great luxury apartments in City Center West for rent.
The name of this neighborhood sounds a little bit like a hipster band, which is fitting. Manayunk just might be the flanneliest, beardiest part of the city. The main street here is full of cool little shops boutiques and art galleries. It’s convenient too — apartments in Manayunk are just minutes from the city center.
The performing arts capital of Philadelphia — Hawthorne and the Avenue of the Arts is the top choice for all you culture vultures out there. The Philadelphia Orchestra, Academy of Music, Merriam Theatre, Suzanne Roberts Theatre, and Wilma theater are all located here. With all that, who needs Broadway? Apartments for rent in Hawthorne for rent can be expensive — studios start at $1500.
Luxury high-rise apartments for rent can be found side by side with historic brick houses in Logan Square. This where you can find Philadelphia’s famous City Hall. Of course, the most famous attraction here is the Benjamin Franklin Parkway — this lovely green walkway is sometimes compared to the Champs Elysees! When you want a snack, try the Bang Bang Pie Shop on North California avenue — their homemade pies and biscuits are delicious. Apartments for rent in Logan Square offer easy access to the entire city.
If you’re looking for an open-minded and diverse neighborhood that accepts you and makes you feel at home, apartments in the Gayborhood might be just what you need. The streets are full of colors, culture and cool people to hang out with.