Average Rent Cost in Philly
Currently, the average cost of rent for an apartment in Philadelphia is $1,591 and the average apartment size is 797 square feet. Compare that to the huge rent prices in a city like Chicago, Philadelphia is seemingly an affordable place to live. With that being an average, there are obviously places far below and far beyond both of those numbers. Studio apartments are going to be below the average price, one-bedroom apartments will be about the average, and two+ bedrooms will be above average. Let’s take a closer look at what rent and living looks like in a few of Philadelphia’s most popular neighborhoods.
Fishtown and Northern Liberties
The average rent in these neighborhoods is $1,858 a month. Fishtown and Northern Liberties are on the rise as some of Philly’s most desired neighborhoods for young hipsters, professionals and students. The community is on the up and up thanks to new residential construction that is moderately priced. If you’re into music or beer, the rent is worth it; both neighborhoods boast breweries and legendary music venues like.
With an average rent of $1,919 a month, Fairmount is home to the more established family or individual. When you think of a city, you don’t think of plush, green parks. That’s why living in Fairmount so attractive. Not only are residents a Septa stop away from the excitement of Center City, most have an easy walk or ride to the park. Other contributions to the increasing rent in Fairmount include attractions like the Philadelphia Museum of Art, Boathouse Row and the Eastern State Penitentiary.
Old city is arguably the most historic town in Philadelphia. It still has some 18th century cobblestone streets and it sits next to independence hall, where our country’s Founding Fathers declared our freedom. Because its borders are the Liberty Bell and Penn’s Landing, and it has beautiful, brand new construction, the average rent is $2,190 a month. The uppity district is filled with clothing boutiques, art galleries and farm-to-table restaurants.
Rittenhouse Square and University City
Two of the most sought after communities in Philly are Rittenhouse Square and University City. Both have rents that average about $2,400. Because Rittenhouse is so close to the main drag of Center City and the Reading Terminal Market, it’s no surprise that the rent is expensive. University City, the heart of West Philadelphia, gets its name from harboring Drexel University and the University of Pennsylvania. It’s proximity to the schools makes it a coveted location for diverse youth.
Kensington and Harrowgate
Some of the cheapest rent in the city can be found in Kensington and Harrowgate. The average rent for a one-bedroom apartment in these neighborhoods is $768 a month. These prices are due to the poor public school system. If you aren’t raising children, it may be a great idea for you to move into either of these communities. You will find that you are saving money and the commute into Center City is effortless. Although both neighborhoods are being quickly revitalized, eliminating crime and new residential buildings don’t happen overnight.