PHILADELPHIA (CBS) — In the city of Philadelphia, the rental market is hot.
“A lot of neighborhoods are booming and prices are going up,” said Philadelphia resident Eupha Jeanne Darmola.
“We’re growing, we’re getting up there,” added Samantha Daniels of Southwest Philly.
That includes the average price for a one bedroom apartment, which is currently $1,350, up from $839 just one year ago.
According to Abodo, an apartment-search website, Philly saw the second-highest average monthly rental increase in the United States last year, rising 4.2 percent month over month. That’s six times the national average.
“2016 is definitely a tipping point, all this new construction and stuff,” remarked Julia Eisenhandler of Fairmount.
“I think it has a lot to do with the developing neighborhoods,” explained John Thomas, also of Fairmount.
“More people moving into the city,” added Darmola.
Experts point to all of the above. From population growth and urban revitalization to the influx of new luxury apartment buildings in Center City.
So, what will the average $1300 a month get you? In Fairmount, about a 600 square foot, one-bedroom, one-bath apartment in a high rise building, complete with scenic views and a pool.
Pay a thousand more and you’ll get access to luxury apartments like the Granary in Logan Square, where one bedrooms have up to 800 square feet, with high end finishes and upgraded amenities.
Sounds fancy, but it’s still $1200 less than the average one-bedroom rental in San Francisco, the highest in the country, followed by New York, San Jose and Boston.