Apartments in Fairmount District Philadelphia

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Fairmount District

A Philadelphia Neighborhood

Summary

Even if you’ve never been to Philly, you’ve likely seen this neighborhood’s most famous feature: the Rocky Steps. Right outside of the world-class Philadelphia Museum of Art — and next to a Rocky statue erected in 1980 — you, too, can run up these famed stairs. Fairmount is also home to the Franklin Institute, Rodin Museum, and the Eastern State Penitentiary, which still holds tours and used to house Al Capone. Fairmount’s gorgeous riverfront features the 26.5-mile Schuylkill River Trail that connects Philadelphia to Phoenixville and runs through the 9,000-acre Fairmount Park. Basically, if you want a piece of nature in Philadelphia, head to Fairmount. The rental properties here range from luxury apartments overlooking the Schuylkill to rowhomes and renovated twin Victorians. All in all, this neighborhood is on the higher end of Philadelphia rental costs.

Budget

If you're not sure how much an apartment will cost, the table below shows the average price by size.

$1,292
Studio
$1,570
1 Bedroom
$1,771
2 Bedrooms
$1,806
3 Bedrooms
$2,059
4 Bedrooms
$3,000
5+ Bedrooms
Get your search on...

Philadelphia:
October Rent Report

Welcome to the October 2020 Philadelphia Apartment Report. In this assessment of the local rental market, ABODO data scientists and rental experts break down the October 2020 key findings and figures for the Philadelphia rental landscape.

Our experts analyze the pricing trends — one-bedroom, two-bedroom, year-over-year and month-over-month — in Philadelphia and surrounding areas and provide comparisons to the entire metro area, nearby cities and some of the most desirable and expensive cities in the United States. Take a look at the last 12 months of Philadelphia rent prices in the chart below.

Monthly Rent Report

Philadelphia Rent Prices Increase From September to October

Philadelphia rent prices increased over the last month. From September to October, the city experienced a 1.06% increase for the price of a one-bedroom apartment. The rent price for a Philadelphia one-bedroom apartments currently stands at $1,435.0.

When we take a look at the two-bedroom comparison from September to October, Philadelphia experienced a 2.49% increase for the price of a two-bedroom apartment. The rent price for a Philadelphia two-bedroom apartments currently stands at $1,727.0.

October Prices: Philadelphia vs. Surrounding Areas

Rent Prices in Philadelphia and Surrounding Areas

Rent prices have increased in Philadelphia over the last month. But how have the surrounding areas fared when it comes to the recent volatility in apartment prices? Rent prices in 6 of the Philadelphia suburbs increased last month. On the other hand, 1 local areas experienced a decrease in the price of a one-bedroom apartment.

More key findings include:

  • Rent increased in King Of Prussia, PA, Exton, PA, Cherry Hill, NJ, Bryn Mawr, PA, Collingswood, NJ, Lansdale, PA .

  • Rent decreased in Swarthmore, PA.

  • 6 suburbs are currently priced higher than the city of Philadelphia.

  • 1 suburb is currently priced lower than the city of Philadelphia.

October 2020 Pricing Trends: Philadelphia vs. National Comparisons

Philadelphia Rent Prices More Affordable Than Major Cities

Rent growth in Philadelphia over the past year has been on the rise. When compared to major cities nearby, along with some of the most expensive cities in the country, Philadelphia rent prices appear to be relatively affordable for local residents.

The price for a Philadelphia one-bedroom apartment remains vastly more affordable than four of the largest cities in the United States — New York City, Washington, D.C. San Francisco and Los Angeles. And pricing compares quite similarly to nearby Midwest cities.

You can view the full rundown of ABODO's October 2020 National Apartment Report and data set here.

For more information about Philadelphia and surrounding area rent prices, take a look at the complete data set below.

Data set for Philadelphia and suburbs

1 BR October 1 BR M/M % Change 2 BR October 2 BR M/M % Change
Philadelphia, PA $1,420.0 1.43% $1,685.0 2.43%
King Of Prussia, PA $1,672.0 1.77% $1,809.0 1.86%
Exton, PA $1,464.0 0.83% $1,832.0 -0.60%
Cherry Hill, NJ $1,597.0 3.16% $1,990.0 0.40%
Bryn Mawr, PA $1,613.0 2.74% $2,186.0 -4.04%
Collingswood, NJ $1,077.0 1.51% $1,352.0 0.60%
Lansdale, PA $1,492.0 0.88% $1,754.0 2.04%
Swarthmore, PA $2,228.0 0.00% $3,065.0 -0.23%

Methodology

Each month, using over 1 million ABODO listings across the United States, we calculate the median 1-bedroom and 2-bedroom rent prices by city, state, and nation, and track the month-over-month percent change. To avoid small sample sizes, we restrict the analysis for our reports to cities meeting minimum population and property count thresholds.