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Study: Philly's Rent Dropped Big Time in 2015

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Zumper's National Rent Report is back, this time with the finding that Philly experienced one of the largest drops in rental prices in 2015. According to the report, which analyzes rental data from more than 1 million active listings in the U.S., Philly had a -5.3 percent yearly rent change in 1-bedroom units. That's the fourth largest drop in the country, with Cleveland (-10.3 percent), Louisville (-6.7%), and Columbus, OH (-6 percent) taking the top three spots, respectively.

The largest increases in 2015 took place mostly on the west coast, save for one:

·Oakland +19%
·Phoenix +15.4%
·Long Beach +14.3%
·Sacramento +14.1%
·Baltimore +13.6%

The Zumper report also noted the average rental price in Philly in November: $1,240 for a 1-bedroom and $1,390 for a 2-bedroom. That's a bit of a change from October's average 1-bedroom rent, which was $1,300.

· Zumper National Rent Report: December 2015 [Zumper]
· Here's what a 1BR in Philly Will Cost You, by Neighborhood [Curbed Philly]