Hapco Philadelphia’s colleagues at RentCafe.com say Philadelphia stood out as one of the top 30 most in-demand cities in 2023 in their monthly Rental Activity Report, making the list 7 times!
It achieved its highest ranking at #12 during the peak rental season in July and August when finding a rental is more challenging than usual.
And, looking at its performance throughout the last 12 months, Philadelphia secured the 24th spot among the most popular cities for apartment hunters in 2023.
Here are the key metrics that contributed to Philadelphia’s ranking in 2023:
- Prospective renters added more than twice as many apartments to their favorites lists compared to 2022, marking a 137% increase that reflects a robust search for rentals in the area.
- Furthermore, apartment hunters saved 44% more personalized searches than in 2022 and online traffic for Philadelphia listings on RentCafe.com increased by 16%.
- This surge in interest in Philadelphia apartments fueled demand so much that the availability of listings dropped by 7% compared to 2022, limiting the options for renters.
- On a regional level, Philadelphia emerged as the 4th most sought-after rental hub in the Northeast, only surpassed by a trio of renting spots in New York: Queens, Buffalo, and the Bronx.
And check out some other interesting bullets points RentCafe.com has for the Philly rental and investment owner community:
- The average rent in Philadelphia is $1,887.
- About 29% of the rental apartments in Philadelphia range between $1,501 and $2,000 per month. Meanwhile, apartments priced over $2,000 represent 31% of all rental units here.
Check out more real estate data points about Philadelphia at the bottom of this page, including demographics, renters’ guides and current rental availabilities: