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Apartment Rental Prices in Philadelphia
Are you looking for an apartment in the “City of Brotherly Love”? If so, you may need a little guidance. Philadelphia is situated in the heart of New England; it was a gathering place for many of the great political minds of the 18th century. Men like Benjamin Franklin, Thomas Jefferson, John Adams, and George Washington met here to craft our constitution and strategize about breaking away from King George. The city has remained a political and financial leader in the nation and now has a population of nearly 6 million people. If you’re planning to move to the area, don’t let that number scare you. There are still apartments in Philadelphia.
Depending on what you’re looking for, and the location you prefer, you’ll find that the rental prices in Philadelphia are very competitive with many of the larger cities along the east coast. Philadelphia apartment prices have been trending up over the last decade-3.15% for 1 bedrooms and 6.45% for 2 bedrooms-but they seem to be holding steady right now. The median rent in Philadelphia in 2009 was $932. That is comparable to Chicago ($944), and somewhat less than New York City ($1318) and Boston ($1353). If you’re coming from the Midwest, however, these prices probably seem high.
While reasonably priced apartments in Philadelphia are available, matching your needs to your budget can be a little challenging. You may want to engage the services of a real estate agent or a locator service to help you find just the right place for you. Agents can provide you with Philadelphia apartment listings, but since the list may be extensive, you’ll want to work with them to narrow down the possibilities to a manageable few to visit.
If you’re going to conduct your own search, there are a few things to keep in mind. If you’re trying to keep your rent low (under $1000), you may have to make some sacrifices. Apartments in this price range are often in less desirable neighborhoods, are older, and often lack some of the amenities you might really want. The Somerton ($795 for a 2 bedroom) is an example of a lower cost unit. It is close to public transportation and the highways, but there is a laundry room vs. an in apartment hook-up; parking is limited; there is no discernible security; and it is on a busy street.