Suburban Philly is one of the country’s most competitive rental markets…even more competitive than the Philadelphia rental market. Let’s look more closely…
- Suburban Philadelphia ranked the 17th most competitive rental market in the nation. The analysis considered occupancy rates, rental supply, the number of renters competing for each rental, and rental renewal rates.
- Overall, the Philadelphia region attracts out-of-town renters for a number of reasons including location, affordability, colleges and universities, and the variety of jobs. Rentals in the suburbs tend to be larger; aging millennials are looking for more space and younger people are renting longer because of home prices increasing.
- Renting single-family homes has become more popular driving up demand in the suburbs.
- On average, vacant rental units are occupied in 42 days in suburban Philadelphia and 14 renters competed for each rental.
- This July, the median rent in Philadelphia was $1,750, up 6% from last year. Rent in the suburbs was $1,925, up 10% over last year. Clearly people are willing to accept the higher cost of living in the suburbs.