Philly rents second fastest growing in U.S.: Report

Philly rents second fastest growing in U.S.: Report
J Fusco/Visit Philadelphia

A new report by a national real estate group found that Philadelphia rents increased at the second highest rate in the nation last year.

Rents in Philadelphia increased 4.2 percent per month over the course of 2016, according to a report from ABODO, a real estate listings website group.

The group estimated the average monthly rent in Philly at $1,182, based on real estate listings posted on their website.

The nationwide monthly average is roughly $1,000, ABODO found.

Despite the fast rate of increase, Philly’s rents are still nowhere near the highest in the nation, which as of January 2017 top out in San Francisco with an average of $3,526 a month for an apartment, according to ABODO.

“The continuing revitalization of aging urban cores — especially in the South and the Midwest — has made renting an attractive option for both young professionals and boomers looking to move back into the city,” ABODO concluded. “As urban centers continue to receive an influx of new residents, and rental rates climb nationally, how effectively will the supply of housing meet high demand? Can new construction keep pace?”