Monthly rents in Philadelphia are now on par with national averages, according to a new report from rental platform Zumper. The median rent for a one-bedroom apartment is $1,499, a dollar short of the national average. The median rent for a two-bedroom place is $1,750, about $100 off the national number. Both figures represent slight decreases compared to last month, but rents remain historically high as the city continues to grapple with an affordability crisis and a weak housing market. “[During] the pandemic, everyone was kind of cooped up from 2020 basically through 2022,” said Zumper spokesperson Crystal Chen. “So 2022 was the year where basically everyone who wanted to move moved, so there was just a lot of demand and a lot of competition.”
Source: PlanPhilly; 12/1/2023