After months of experiencing dwindling rental prices in Philly, a new report has found that the city experienced a slight increase in median rents last month.
The median rent of 1-bedroom apartments in Philadelphia jumped 2.5 percent in February, according to Zumper's latest monthly report. Rents for 2-bedroom units increased by 2.2 percent.
Last month, the average rental price for a 1-bedroom unit was $1,230 a month; for a 2-bedroom unit it was $1,380.
The slight bump pushes Philadelphia up one spot to the 15th most expensive rental market in the U.S., tied with Denver.
Is this a sign of things to come? Potentially, given the city's hot apartment-housing stock. Just take solace in the fact that our numbers are nowhere near those in San Francisco, which experienced a similar 2.6 percent increase for one-bedroom apartments—only the median rent there is $3,590.
- Zumper National Rent Report: March 2016 [Zumper]
- Philadelphia's Hottest Neighborhoods for Renters [Curbed Philly]
- Top Zip Codes for House Flipping in Philly [Curbed Philly]
- Why Philly's Apartment Market is Killing it Right Now [Curbed Philly]