Philly’s median rent is on the steady rise, reports say

With a new month underway and summer’s typically hot rental season simmering down, it’s time to check on the current status of Philly’s apartment market.

As Curbed Philly has shown before, many sites that track rental market data on a monthly basis all have their own methodologies, so their stats should be taken with a grain of salt. But most recent numbers can agree on one thing: Rents continue to increase on at a slow and steady pace here in Philly.

Although median rents took a slight dip at the start of 2017, since February they have been on the rise slowly, but surely, according to Apartment List.

Multiple reports placed the median rent for a one-bedroom apartment in the range of $970 to $1,410. For two-bedrooms, the median rent ranges from $1,170 to $1,600.

Here’s how September numbers stack up among Apartment List, Zumper, and Adobo.

In general, median rents in Philly have increased by 1.9 percent from this time last year, according to Apartment List, the only website of the three that tracks this particular stat.

While Philly’s median rent is slightly above the nation’s average, its rental market continues to remain more affordable than other major cities that have experienced much more significant hikes in rent over the past few months. San Francisco’s median rent, for example, is at least two times more than Philly’s monthly median rent. It remains the most priciest rental market in the nation, according to all three rental websites.

• National Median Rent Rises… Slightly [Adobo]
• Zumper National Rent Report: September 2017 [Zumper]
• September 2017 Philadelphia Rent Report [Apartment List]