Rent prices in the Philadelphia region are up 10.5% year-to-year, according to Realtor.com’s November rental data. The overall median rent is $1,748. The median rent is $1,345 for a studio, $1,693 for a one-bedroom, and 1,995 for a two-bedroom. The data includes the entire Philadelphia-Camden-Wilmington rental markets.
The increases in rent are dramatically higher in other cities, including Miami (44.4% increase year-to-year), Tampa (39.2%), Orlando (33.7%) and Riverside, CA (31.9%). Nationally, November marked the fifth month in a row where rent growth has reached double digits (19.7%). In the 50 largest metros, the media rent was $1,771. According to Realtor.com, this translates to an additional $291 per month for renters.
In fact, national rent price growth is now outpacing home price growth.