PHILADELPHIA (CBS) – Want to know where the rich live – or at least rent — in Philly?
You guessed it: Rittenhouse Square.
In a new roundup of the country’s most expensive neighborhoods for renters, Rittenhouse came in at 14.
According to Apartments.com, the company that compiled the results, the cost of an average one bedroom apartment in Rittenhouse Square is $1,860.
What’s really scary about the rankings, though, is that an apartment in Philly’s toniest neighborhood is still, on average, a thousand dollars less than one in Pasadena, California, which came in 13th. And at the top of the list, apartments in two neighborhoods in New York City – Penn Plaza/Garment District and DUMBO – go for more than $4,000!
“We’re seeing renters paying a premium to live in the hottest neighborhoods, which goes to show it truly is all about location, location, location,” said Brad Long, president of Apartments.com. “These renters are willing to spend a rather significant portion of their overall income on monthly rent, in order to afford the luxury of living in exclusive areas.”
Apartments.com says the rankings were based on five factors: the average monthly cost of rent for a one-bedroom apartment, median monthly household income, cost of living, percent of household income spent on rent and inflation.
Most folks on Rittenhouse Square, enjoying a Friday evening, told CBS 3’s Walt Hunter they are not surprised that Rittenhouse square is on the list, citing the neighborhood, park, stores and restaurants.
At least one resident, Keilor Gilbert, pointed out, however, that it’s the community, more than the real estate, that contributes most to the value of the Square.
Among the cities with more expensive neighborhood rentals: San Diego, Washington, D.C. and Jersey City, New Jersey.
The average monthly cost of a one-bedroom apartment in the U.S. is $939.
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