Apartments in Old City Philadelphia

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Old City

A Philadelphia Neighborhood

Summary

It’s just about one square mile, but Philadelphia’s Old City is one of the most historic places in the nation. Located in Center City — Philadelphia’s large downtown area between the Delaware and Schuylkill rivers — the Old City contains 18th-century cobblestone streets and homes that are older than the nation itself. A few of them are on Elfreth’s Alley, which dates to 1702 and is known as the country’s first residential street. Old City’s borders, though debated, generally extend from the Delaware river to 7th Street, and contain the main hallmarks of America’s founding, such as the Liberty Bell Center, the National Constitution Center, and Independence Hall — where the U.S. Declaration of Independence and Constitution were signed. The “independent spirit” that gave rise to the new nation is still palpable in abundant local shops, art galleries, and eateries.

As you can imagine, considering that Old City is the historical heart of the nation, renting in this area can be pricey. But it’s rewarding: Even many the newer buildings in this area carry hints of historic appeal, such as tall ceilings, huge windows, worn brick, and tin ceilings.

Budget

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

$1,298
Studio
$1,576
1 Bedroom
$1,780
2 Bedrooms
$1,816
3 Bedrooms
$2,054
4 Bedrooms
$3,012
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.