Apartments for Rent in Philadelphia, PA under $400
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Philadelphia’s average rent reached $1,685 in April
Philadelphia’s average rent reached $1,685 in April, after a 1.5% increase since last year. A thriving economic and cultural hub with a 44% renter share, Philadelphia is a desirable place to live and work in, with apartment prices above the national average of $1,417. [View Full Report]
Philadelphia’s average rent was $1,685 in April
Philadelphia’s average rent reached $1,685 in April, after a 1.5% increase since last year. A thriving economic and cultural hub with a 44% renter share, Philadelphia is a desirable place to live and work in, with apartment prices above the national average of $1,417.
The average rent for an apartment in Philadelphia rose slower than in other surrounding cities, such as Upper Darby ($946), where prices went up by 4.5%. Meanwhile, apartment rates in Bensalem increased by 8.2%, reaching a $1,372 average.
What it costs to rent in the largest renter hubs in the Philadelphia area
West Chester, the city with the largest renter share (63%) in the Philadelphia area, has a $1,637 average rent, after an 4.7% annual increase. The second largest renter hub, Norristown, has a 62% renter share, with its apartments going for $1,375 on average (up by 1.8% since last year). Exton and its 52% share of renters follows, with a $1,829 average apartment price.
Pottstown also has a 52% renter share, with apartments going for $1,241 after a 7.3% yearly increase. Last but not least, Bryn Mawr's 51% share of renters places it fifth among the area’s renter hubs. The city’s average rent reached $1,764 in April, going up by 3.8% in the past year.
The priciest and cheapest cities for renters in the Philadelphia area
Exton is the priciest city for renters in the Philadelphia area, with apartments renting for $1,829 per month. Malvern’s $1,807 rate is the second most expensive, while apartments in Bryn Mawr ($1,764) come in third.
For renters in search of budget-friendly apartments, Upper Darby's $946 average rent is the cheapest in the Philadelphia area, followed by Drexel Hill's $1,178 rate. Morrisville rentals are the third least pricey on the list, with a $1,209 average rent as of April.
Philadelphia apartment rents in popular ZIP codes for renters
Among Philadelphia's most popular renter ZIP codes, 19103 has a $2,206 average rent, above the city average ($1,685). At the same time, rentals in ZIP 19104 go for $2,551, while prices in ZIP 19144 circle around $1,302. Apartment rents in ZIP 19131 clock in at around $1,561, lower than the Philadelphia average, while rates in ZIP 19102 average at $2,238.
Check out how average rents evolved across the Philadelphia area
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The data on average rents included in our reports comes directly from competitively-rented (market-rate) large-scale multifamily properties (50+ units in size), via telephone survey. The data is compiled and reported by our sister company Yardi Matrix, a business development and asset management tool for brokers, sponsors, banks and equity sources underwriting investments in the multifamily, office, industrial and self-storage sectors. Fully-affordable properties are not included in the survey and are not reported in rental rate averages. Local rent reports include only cities with a statistically-relevant stock of large-scale multifamily properties of 50+ units.
Philadelphia, PA Demographics
- Total Population1,579,075
Female 747,479Male 831,596
- Median Age34.4
Average Rent in Philadelphia, PA
- Philadelphia, PA Average Rental Price, June 2021 $1,712 /mo
Philadelphia, PA Apartment Rent Ranges
Philadelphia, PA Rent Trends
|Mar / 2018||Jul / 2018||Nov / 2018||Mar / 2019||Jul / 2019||Nov / 2019||Mar / 2020||Jul / 2020||Nov / 2020||Mar / 2021||Jun / 2021|
Philadelphia, PA Households
- Total Number of Households601,337
Family 325,916Non-family 275,421
Children 163,078No Children 438,259
- Average People Per Household2.55
- Median Household Income$45,927
- Median Housing Costs Per Month$994
Philadelphia, PA Education Statistics