It's like music to our ears: Rental prices in Philly have continued to drop, according to Zumper's latest national rent report. Analyzing data from more than 1 million active listings in the U.S. from December, Zumper tallied up Philly's prices and found that the median rent price of a 1-bedroom apartment is $1,190. That's a 4.4 percent decrease from the previous month and a 10.5 percent fall from the median rent this time last year. The median rent price of a 2-bedroom apartment also decreased by 2.2 percent to $1,360.
Those stats make our city the 16th most expensive rental market in the country, tied with Long Beach, CA and Minneapolis, MN. Philly's falling rental prices seems to be following a trend: Zumper's last report in December found that the city experienced one of the largest drops in rental prices in 2015.
·Zumper National Rent Report: January 2016 [Official]
·Study: Philly's Rent Dropped Big Time in 2015 [Curbed Philly]
·Should You Buy or Rent in Philly in 2016? [Curbed Philly]
·What $1,900 rents you in Philly right now [Curbed Philly]