Apartments in US Navy Yard Philadelphia

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9
$1,600
Philadelphia, PA
2 BR | Jul. 1, 2024
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Cat Friendly
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East Passyunk Crossing
$1,750
2503 S Reese St Philadelphia, PA
3 BR | Available Now
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17
$1,125
Philadelphia, PA
1 BR | Available Now
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5
$1,295
Philadelphia, PA
1 BR | Available Now
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Dog Friendly
Cat Friendly
East Passyunk Crossing
15
$1,200
Philadelphia, PA
2 BR | Available Now
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Cat Friendly
11
$1,650
Philadelphia, PA
2 BR | Available Now
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East Passyunk Crossing
9
$1,025
Philadelphia, PA
2 BR | Available Now
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East Passyunk Crossing
11
$1,850
Philadelphia, PA
2 BR | Available Now
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Philadelphia:
June Rent Report

Welcome to the June 2024 Philadelphia Apartment Report. In this assessment of the local rental market, Rentable data scientists and rental experts break down the June 2024 key findings and figures for the Philadelphia rental landscape.

Our experts analyze the pricing trends — one-bedroom, two-bedroom, year-over-year and month-over-month — in Philadelphia and surrounding areas and provide comparisons to the entire metro area, nearby cities and some of the most desirable and expensive cities in the United States. Take a look at the last 12 months of Philadelphia average rent prices in the chart below.

Monthly Rent Report

$1,950
$1,460
$980
$490
$0
Jul. 2023
Aug. 2023
Sep. 2023
Oct. 2023
Nov. 2023
Dec. 2023
Jan. 2024
Feb. 2024
Mar. 2024
Apr. 2024
May. 2024
Jun. 2024
1 BR       2 BR

Philadelphia Rent Prices Increase From May to June

Philadelphia rent prices increased over the last month. From May to June, the city experienced a 1.43% increase for the price of a one-bedroom apartment. The rent price for a Philadelphia one-bedroom apartments currently stands at $1,345.0.

When we take a look at the two-bedroom comparison from May to June, Philadelphia experienced a 0.73% increase for the price of a two-bedroom apartment. The rent price for a Philadelphia two-bedroom apartments currently stands at $1,783.0.

June Prices: Philadelphia vs. Surrounding Areas

Bryn Mawr, PA
Mount Laurel, NJ
Cherry Hill, NJ
King Of Prussia, PA
Exton, PA
Philadelphia, PA
Wilmington, DE
$2,496
$2,069
$1,925
$1,885
$1,881
$1,326
$1,312
$0
$850
$1,700
$2,550
$3,400
Median 1 BR Rent

Rent Prices in Philadelphia and Surrounding Areas

Rent prices have increased in Philadelphia over the last month. But how have the surrounding areas fared when it comes to the recent volatility in apartment prices? Rent prices in 5 of the Philadelphia suburbs increased last month. On the other hand, 1 local areas experienced a decrease in the price of a one-bedroom apartment.

More key findings include:

  • Rent increased in Mount Laurel, NJ, Bryn Mawr, PA, Exton, PA, Cherry Hill, NJ, Wilmington, DE .

  • Rent decreased in King Of Prussia, PA.

  • 5 suburbs are currently priced higher than the city of Philadelphia.

  • 1 suburb is currently priced lower than the city of Philadelphia.

June 2024 Pricing Trends: Philadelphia vs. National Comparisons

New York, NY
San Francisco, CA
Washington, DC
Los Angeles, CA
Chicago, IL
Columbus, OH
Philadelphia, PA
Minneapolis, MN
Pittsburgh, PA
$4,132
$3,030
$2,390
$2,331
$1,905
$1,353
$1,326
$1,259
$1,203
$0
$1,350
$2,700
$4,050
$5,400
Median Rent

Philadelphia Rent Prices More Affordable Than Major Cities

Rent growth in Philadelphia over the past year has been on the rise. When compared to major cities nearby, along with some of the most expensive cities in the country, Philadelphia average rent prices appear to be relatively affordable for local residents.

The price for a Philadelphia one-bedroom apartment remains vastly more affordable than four of the largest cities in the United States — New York City, Washington, D.C. San Francisco and Los Angeles. And pricing compares quite similarly to nearby Midwest cities.

For more information about Philadelphia and surrounding area rent prices, take a look at the complete data set below.

Data set for Philadelphia and suburbs

1 BR June 1 BR M/M % Change 2 BR June 2 BR M/M % Change
Philadelphia, PA $1,326.0 -0.15% $1,770.0 0.74%
King Of Prussia, PA $1,885.0 -0.42% $2,435.0 0.37%
Mount Laurel, NJ $2,069.0 3.35% $2,523.0 0.08%
Bryn Mawr, PA $2,496.0 10.30% $3,023.0 3.53%
Exton, PA $1,881.0 0.21% $2,377.0 0.21%
Cherry Hill, NJ $1,925.0 3.94% $2,338.0 -3.94%
Wilmington, DE $1,312.0 3.23% $1,489.0 0.34%

Methodology

Each month, using over 1 million Rentable listings across the United States, we calculate the median 1-bedroom and 2-bedroom rent prices by city, state, and nation, and track the month-over-month percent change. To avoid small sample sizes, we restrict the analysis for our reports to cities meeting minimum population and property count thresholds.