If you’re planning to rent an apartment in Philadelphia, you must be wondering how expensive it is. Do the costs compare with bigger cities like New York, Boston, San Francisco, Chicago, and Washington D.C. to name a few? The good news is Philadelphia is much more affordable than these other major cities.
What Costs are you Looking at for Apartments in Philadelphia?
While the costs for apartments in Philadelphia will depend on the neighborhood, apartment complex amenities and much more, here are some average costs to help you better plan your budget –
- Rent for a studio apartment averages $1,193 per month
- Rent for a 1-bedroom apartment averages $1,385 per month
- Rent for a 2-bedroom apartment averages $1,692 per month
- Rent for a 3-bedroom apartment averages $2,588 per month
It’s important to understand that these are average prices, which means rents may be higher and lower in some areas.
What are the Most Affordable and Expensive Neighborhoods in Philadelphia?
Since some Philadelphia neighborhoods are more expensive than others, let’s look at some of the most expensive and affordable neighborhoods.
- Some of the highest rated, most affordable neighborhoods in all of Philadelphia and in entire nation (source: Redfin.com) are Bustleton, Fox Chase, and East Mt Airy. Other affordable areas include parts of Northeast Philadelphia and parts of Northwest Philadelphia.
- Some of the more expensive neighborhoods in Philadelphia include University City, Rittenhouse Square, Logan Square, Old City, Northern Liberties, Fishtown among others.
- Consider, among other things, crime rates of various neighborhoods.
How Much Rent Should You Pay in Philadelphia?
Ultimately, the rent you pay will be based on how much you can afford; how many people you live with; and your general lifestyle. For example, if you need to live closer to a workplace to reduce your commute time to work, then you may need to pay a little more. If you can afford to live a little further out and don’t mind a longer commute to work, you may find more affordable rents. What else is important in a location for you. For example, do you want to be near parks? Grocery stores? Do you want to be near greenery? What is important inside the apartment – what size do you need, do you need a washer/dryer, balcony, walk-in closet, a quiet sound-controlled apartment? What is important as an amenity – do you need a swimming pool, on-site parking? Is there good, responsive management? Are the grounds well maintained and building and areas free of trash? Who clears the snow? Consider your own personal circumstances before picking your neighborhood and ultimately apartment choice in Philadelphia.
*Rent Data from Co-Star August 2020