Philadelphia ranks towards the middle among the nation’s largest metro areas for the estimated square footage that you can get for $2,000 in rent, write Sami Sparber and Isaac Avilucea for AXIOS Philadelphia.
In the City of Brotherly Love, $2,000 in monthly rent gets you a 935-square-foot apartment, which is below the national average of 1,103 square feet.
Renters in Memphis, Tennessee get the most square footage for $2,000, with 1,570 square feet, while San Jose, California offers the least at 537 square feet.
The median asking rent in Philadelphia — or the cost of a new lease — was most recently around $1,840, compared to $1,615 nationwide.
Philadelphia renters are finally seeing relief from rising rents, thanks to a surge in new apartment units last year, with around 13,000 added to the market. However, rental prices have gone up near New Jersey and Delaware, due to the lack of inventory.
“Renters are getting more bang for their buck than they were during the pandemic because asking rents have since stabilized below their record high and incomes have continued to climb,” said Redfin senior economist Sheharyar Bokhari.
Read more about rent prices compare throughout the largest U.S. cities in the AXIOS Philadelphia.
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