Hapco Philadelphia’s friends at RentCafe.com are still seeing Philadelphia as among the most sought-after places for renters in January, ranking 49th nationwide. The increased rental activity in the city led to a significant drop in available listings on RentCafe.com.
In this year’s first rental activity report, they highlight the U.S. cities that attracted the most attention from apartment hunters seeking the best winter deals. To compile this report, RentCafe analyzed 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 January ranking:
- Views of Philadelphia listings on RentCafe.com have increased by 71% compared to last January, indicating a growing interest in the city’s offerings. Most prospective renters interested in Philadelphia, besides locals, are from New York.
- Apartment hunters saved 5% more personalized searches for apartments, despite the fact that there were 17% fewer listings available for apartment hunters compared to 2023 due to high rental demand.
- In the Northeast, Philadelphia is the 5th city attracting the most interest from apartment seekers, sandwiched between Boston and Manhattan.
- The bigger picture: Minneapolis is January’s most coveted city among renters. When it comes to the most popular region for renters, the West leads with 11 cities in our top 30, the Midwest follows with nine cities, and the South is represented by seven entries.
Don’t miss: Philadelphia expected to see nearly 1,000 office-to-apartment conversions, up by 136% YoY. Philly is 14th on the list of U.S. locations with the highest conversion numbers, according to our report.
- The average rent in Philadelphia is $1,887.
- About 29% of apartment rents in Philadelphia range between $1,501-$2,000. Meanwhile, apartments priced over $2,000 represent 31% of apartments.