City Description
Philadelphia, in the state of Pennsylvania – also known as just “Philly” – is a historic city founded in 1682 by Quaker William Penn. It is located on the banks of Delaware River on the East Coast of the United States. It is known for its iconic landmarks such as Liberty Bell and Independence Hall, where the United States Declaration of Independence was signed.
If you’re not a lover of history, chances are you are a lover of food – and Philly is famous for it! Hoagies, Stromboli, and the famous Philly cheesesteak sandwich, are all linked to this iconic destination!
The city also offers a diverse range of housing options, from historic row houses to modern high-rise apartments.
Philadelphia also has a strong economy and job market, with a variety of industries such as healthcare, education, and finance. It is also home to several universities and colleges, making it a great place for students and young professionals.
Overall Average and Median Rent in Philadelphia
The overall average rent per month in Philadelphia ranges from $1,807 to $2,424. The overall median rent per month in Philadelphia ranges from $1,650 to $1,759. These values are based on all property types, from studios up to 4 and more bedroom properties. See below for a summary of overall rental prices per month from each data source we have referred to, for the month of January 2023.
| Source | Average Rent | Median Rent |
| apartments.com | $1,807 | – |
| redfin.com (Jun 2022 data) | $2,424 | – |
| zillow.com | – | $1,650 |
| renthop.com | – | $1,759 |
Studio Average and Median Rent in Philadelphia
The average rent for a studio per month in Philadelphia ranges from $1,380 to $1,394. The median rent for a studio per month in Philadelphia ranges from $1,157 to $1,405. These values are based on a studio property, which is a self-contained space without separate rooms, except for the bathroom. There is no separate bedroom but usually there is an attached kitchenette. See below for a summary of studio rental prices per month from each data source we have referred to, for the month of January 2023.
| Source | Average Rent | Median Rent |
| apartments.com | $1,394 | – |
| rentable.co | $1,380 | – |
| zillow.com | – | $1,170 |
| zumper.com | – | $1,157 |
| renthop.com | – | $1,405 |
1 Bedroom Average and Median Rent in Philadelphia
The average rent for a 1 bedroom property per month in Philadelphia ranges from $1,200 to $1,807. The median rent for a 1 bedroom property per month in Philadelphia ranges from $1,357 to $1,595. These values are based on all 1 bedroom property types. These can include 1 bedroom apartments, condos, townhouses and houses. 1 bedroom properties have a separate bedroom, unlike studio apartments. See below for a summary of 1 bedroom rental prices per month from each data source we have referred to, for the month of January 2023.
| Source | Average Rent | Median Rent |
| apartments.com | $1,807 | – |
| rentable.co | $1,200 | – |
| zillow.com | – | $1,357 |
| zumper.com | – | $1,400 |
| renthop.com | – | $1,595 |
2 Bedroom Average and Median Rent in Philadelphia
The average rent for a 2 bedroom property per month in Philadelphia ranges from $1,690 to $2,704. The median rent for a 2 bedroom property per month in Philadelphia ranges from $1,650 to $1,725. These values are based on all 2 bedroom property types. These can include 2 bedroom apartments, condos, townhouses and houses. See below for a summary of 2 bedroom rental prices per month from each data source we have referred to, for the month of January 2023.
| Source | Average Rent | Median Rent |
| apartments.com | $2,704 | – |
| rentable.co | $1,690 | – |
| zillow.com | – | $1,650 |
| zumper.com | – | $1,725 |
| renthop.com | – | $1,700 |
3 Bedroom Average and Median Rent in Philadelphia
The average rent for a 3 bedroom property per month in Philadelphia ranges from $1,800 to $2,918. The median rent for a 3 bedroom property per month in Philadelphia ranges from $1,772 to $1,875. These values are based on all 3 bedroom property types. These can include 3 bedroom apartments, condos, townhouses and houses. See below for a summary of 3 bedroom rental prices per month from each data source we have referred to, for the month of January 2023.
| Source | Average Rent | Median Rent |
| apartments.com | $2,918 | – |
| rentable.co | $1,800 | – |
| zillow.com | – | $1,811 |
| zumper.com | – | $1,772 |
| renthop.com | – | $1,875 |
4 or More Bedroom Average and Median Rent in Philadelphia
The average rent for a 4 or more bedroom property per month in Philadelphia is approximately $2,510. The median rent for a 4 or more bedroom property per month in Philadelphia ranges from $2,342 to $3,554. These values are based on all 4 or more bedroom property types. These can include 4 or more bedroom apartments, condos, townhouses and houses. See below for a summary of 4 or more bedroom rental prices per month from each data source we have referred to, for the month of January 2023.
| Source | Average Rent | Median Rent |
| rentable.co | $2,510 | – |
| zillow.com | – | $3,554 |
| zumper.com | – | $2,342 |
| renthop.com | – | $2,400 |
Most Expensive Neighborhoods to Rent in Philadelphia
Some of the most popular neighborhoods for people looking to live in Philadelphia include Center City, University City, Rittenhouse Square and South Philadelphia. It’s no wonder that some of these make up the most expensive places to rent in the city. According to renthop.com, the below are the top 5 most expensive neighborhoods to rent in Philadelphia:
- Avenue of the Arts South
- Logan Square
- Graduate Hospital
- Center City East
- University City
Cheapest Neighborhoods to Rent in Philadelphia
According to rent.com, the below are the most affordable neighborhoods to rent in Philadelphia. 2 bedroom properties, on average, start from only $1,296 per month for the Parkwood area. This is compared to the $1,690 to $2,704 for an equivalent property across the whole of Philadelphia.
- Parkwood
- East Falls
- Roxborough
- Wynnefield
- Overbrook
Rental Trends in Philadelphia
According to redfin.com’s Data Center, their average monthly rent estimate, for all of Philadelphia, was $1,991 in February of 2021. This has steadily increased to $2,424 for June of 2022. That’s a significant 22% increase in a 16 month period.
Is it Cheaper to Buy or Rent in Philadelphia?
While this is a difficult question to answer, if we look purely at the average monthly mortgage payment, based on a down payment of 5%, the previous chart suggests that it is significantly cheaper to pay off the mortgage than to rent. However, there are also other costs associated with owning a property that must also be considered – maintenance costs, insurances, bank fees, and more. Also, which decision is better ultimately depends on your life circumstances (e.g. are you a frequent mover? In which case renting would be the better option) and the specific property you are living in or buying.
Average vs Median Rent
The average value is generally calculated by summing all available values and dividing it by the total number of values. The median value is usually obtained by ordering all values in ascending order and taking the exact middle position’s value (so that half of the values are higher and half are lower). This is why average and median values can be different.
Furthermore, average and median rental prices will vary depending on where the data is taken from. Some of the sources are based on the total collection of their own rental listings, while others are based on estimates and predictions using their own in-house methodologies and/or US Census data. Rental figures were obtained at the time of writing this article and are always changing.