For the first time, Hapco Philadelphia’s partners at RentCafe.com saw Philly’s rental market make their Top Ten List for cities most-sought-after by renters.
Philadelphia is among the most sought-after places for renters in February, ranking 7th nationwide, after climbing a spectacular 42 positions. By that, RentCafe found that it has entered the 10 list of the most coveted places for the very first time. All the increased rental activity in the city is reflected in the significant drop in the share of available listings on RentCafe.com.
About the report: RentCafe’s report highlights the U.S. cities that attracted the most attention from apartment hunters. To compile this report, RentCafe’s analyzed its website traffic data for listings in the 150 largest U.S. cities, shedding light on renters’ intent and preferences.
Here are the metrics that contributed to Philadelphia’s February ranking:
- Website visits to Philadelphia‘s property listings nearly tripled, seeing a 189% year-over-year increase.
- Apartment hunters saved 46% more personalized searches compared to the same time last year, indicating a growing desire to move to Philly.
- This surge in online engagement is reflected in an 18% decrease in the share of available apartment listings on RentCafe.com compared to one year prior, which has significantly contributed to the city’s prominent ranking.
- Apart from locals, a great portion of apartment seekers looking to rent in “the City of Brotherly Love” are current residents of New York and Boston.
- The most popular renting destinations in the Northeast in February are Queens securing #2; Philadelphia #7; and Newark, NJ at #23. All three cities saw impressive surges in page views compared to the previous year, underscoring renters’ ongoing interest in these Northeastern locations.