Hapco Philadelphia is tied into the latest rental research in the country.

And here’s the newest report from Construction Coverage on rising rent prices in the U.S.

As fast-rising real estate values during the COVID-19 pandemic priced more people out of homebuying, rental markets became more competitive among consumers. On the supply side, inflation in the cost of materials, rising interest rates, and tightness in the labor market have all contributed to difficulties in developing new housing stock. With fewer units available, prices have risen dramatically.

Here are the key takeaways from the report for the Philadelphia-Camden-Wilmington, PA-NJ-DE-MD metro area:

  • Median rent in Philadelphia is $1,869, with a median price of $1,576 for 1-bedroom units, and $1,886 for 2 bedrooms.
  • Median rent for the U.S. overall is $1,782. For 1-bedroom units, we’re looking at $1,423; 2-bedroom units, $1,716.
  • Looking at large metros only, Philadelphia ranked 23rd in the analysis.

 

Residential Rent Prices by Location

 

Source: Construction Coverage analysis of U.S. Department of Housing and Urban Development data | Image Credit: Construction Coverage
The analysis looks at data on more than 350 metros and all 50 states, including median rent for studio, 1-br, 2-br, 3-br, and 4-br units in every location.

Read The Rent Study