Tenants seeking relief from rising rents may have to wait longer as rent prices have been steadily increasing. According to a report from Rent.com, rent prices have been on the rise for the fourth consecutive month since hitting a low point in February.
The average Philadelphian makes enough money to afford to spend a little over $1,300 on monthly rent. The average rent in Philadelphia is $1,995.
8/4/2023
From May to June, rent prices surged by more than 1.7%, and they have shown an overall increase of more than 3% since April. Looking back over the past year, March was the only month with higher monthly growth at 2%. On average, monthly rent prices have been experiencing 0.89% growth since reaching their lowest point in February. This trend indicates that rental costs are steadily moving upwards, making it challenging for tenants to find relief in the near term.
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