The fastest growing rents in July for the Philadelphia area were in Upper Darby and Levittown, according to the Pennsylvania Rent Report .
Rental apartment prices in Upper Darby increased by .6 percent month-over-month, $5 more per month.
That said, rents in Upper Darby are the lowest in the region; $892. Rents in Drexel Hill are the second most affordable in the area; $1,087, but they also registered the largest increase compared to July 2018, $75 more.
The average rent in the Philadelphia area is generally lower than the national average. Philadelphia average apartment rents reached $1,624 in July.
The highest rents in the area are in King of Prussia, where the average is $1,669.
Second highest are apartments in Philadelphia, where the average monthly rent is $1,624.
West Chester rents are the third highest, at $1,577.
The national average rent reached $1,469 in July, according to data from Yardi Matrix.
Multifamily rent increases are slowing down across the U.S. Only 8 out of the 260 cities in the study saw month-over-month jumps of more than 1 percent. At the same time, 167 cities reported rents below the $1,469 national average.
The Pennsylvania Rent Report, can be accessed here.
photo credit: MarkMoz12 For Rent sign via photopin (license)
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