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Apartments for Rent in Philadelphia, PA under $700 – 17 Rentals available


Philadelphia’s average rent reached $1,643 in October

Philadelphia’s average rent reached $1,643 in October, after a 0.7% decrease since last year. Renters make up 47% of Philadelphia’s households. Pennsylvania’s largest city is a diverse and vibrant place to live in, with apartment rents above the national average of $1,464. [View Full Report]

 Philadelphia apartment rent report

Philadelphia’s average rent was $1,643 in October

Philadelphia’s average rent reached $1,643 in October, after a 0.7% decrease since last year. Renters make up 47% of Philadelphia’s households. Pennsylvania’s largest city is a diverse and vibrant place to live in, with apartment rents above the national average of $1,464.

  
  

Philadelphia’s rent compared to other surrounding cities

This October, the average rent for an apartment in Philadelphia has decreased compared to other surrounding cities such as Upper Darby where apartments go for $925 after a 1.8% growth, or Bensalem, where rent went up 6.5%, reaching $1,309.

  

What it costs to rent in the largest renter hubs in the Philadelphia area

62% of West Chester and Norristown households are renting. Rent in West Chester is $1,577 on average, following a 0.8% increase this past year. Apartments in Norristown go for $1,361, 3.3% more than last October. Exton (60%) is also popular among renters even as rates went up by 3% and reaching $1,801 this October. Apartments in Media (57%) also saw a 3% growth and reached $1,597. In Bryn Mawr (also 57%), apartments go for around $1,757 per month after a 3.7% increase compared to last year.

The priciest and cheapest cities for renters in the Philadelphia area

Malvern is the priciest city for renters in the Philadelphia area, even with a slight yearly increase of 0.4%. Apartments here go for $1,811 a month. Next in line when it comes to most expensive average rent is Exton, averaging on $1,801, followed by Bryn Mawr with $1,757 a month.

At $925 a month and despite a 1.8% increase, Upper Darby has the most budget-friendly apartments in the Philadelphia area. Following a 4.2% growth, Drexel Hill’s $1,141 average rent is still an attractive option, much like the $1,165 found in Pottstown (up 4.1%).

    
    

Methodology

RENTCafe.com is a nationwide apartment search website that enables renters to easily find apartments and houses for rent throughout the United States. 

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 Population1,575,522
  • Female 745,543
    Male 829,979
  • Median Age34.3

Average Rent in Philadelphia, PA

  • Philadelphia, PA Average Rental Price, February 2020 $1,652 /mo

Philadelphia, PA Apartment Rent Ranges

  • $501-$7001%
  • $701-$1,00019%
  • $1,001-$1,50034%
  • $1,501-$2,00022%
  • > $2,00023%

Philadelphia, PA Rent Trends

Average Rent Nov / 2016 Mar / 2017 Jul / 2017 Nov / 2017 Mar / 2018 Jul / 2018 Nov / 2018 Mar / 2019 Jul / 2019 Nov / 2019 Feb / 2020
Philadelphia, PA $1,485 $1,478 $1,510 $1,514 $1,525 $1,545 $1,572 $1,590 $1,624 $1,640 $1,652
National $1,340 $1,337 $1,368 $1,371 $1,374 $1,408 $1,417 $1,422 $1,458 $1,466 $1,468
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Philadelphia, PA Households

  • Total Number of Households594,778
  • Family 321,389
    Non-family 273,389
  • Children 161,687
    No Children 433,091
  • Average People Per Household2.57
  • Median Household Income$43,744
  • Median Housing Costs Per Month$973

Philadelphia, PA Education Statistics

  • No High School5%
  • Some High School43%
  • Some College19%
  • Associate Degree5%
  • Bachelor Degree16%
  • Graduate Degree10%

Apartments in Philadelphia, PA under $700

Balancing snug and cheap is no joke when it comes to renting a place to live. “Are there any apartments near me under $700?” is a great question to start from. Knowing your budget means you’re one step ahead and on the right track. We’ve taken care of the rest and found 16 apartments for rent in Philadelphia, PA on which you’ll spend less than $700. A small, cheap rental means you’ll have to budget your living space as well. The great news is that keeping it simple pays off in more than one way. The cost of utilities is likely to run low, and you get the added benefit of not having to spend too much time cleaning up the whole place. Smaller apartments are more likely to be closer to the city center, so there are potential cuts to your transportation costs too. And here’s one more very special secret to add to your book-of-perks: you’re less likely to overshop when you know your space is limited.

Rentals near you under $700

Our goal is to help you find cheap apartments that live up to your dreams without crushing your budget. It may be a long shot to go looking for 3 bedroom apartments or even 2 bedroom for less than $700. The average rental size in Philadelphia, PA is 947 Sq.Ft., but the $700 limit will probably narrow your search to places with a smaller square footage. Go through our listings and be on the look-out for a hassle-free studio or a 1 bedroom apartment. We trust you’ll turn it into a cozy home which is also budget-friendly to the core.

Finding a home nearby is easier than you think. Check out our Apartments Near Me page and take your pick!