Philly rents rising quickly

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An apartment for rent in Fitler Square. (Emma Lee for NewsWorks

An apartment for rent in Fitler Square. (Emma Lee for NewsWorks

A new survey confirms what many know all too well — the cost of rent is rising dramatically in Philadelphia.  In fact, it’s second-fastest increase in the nation.

Rents in the Philadelphia region are rising so quickly because of demand by young people as well as from those who are downsizing, said Sam Radbil of Abodo.com, a real estate rental site.

“We found that the month over month average increase in price was 4.23 percent, and the final rent price of a one-bedroom apartment in 2016 was $1,341,” he said.The increase reflects a new influx of high-end properties into the rental market, according to Kevin Gillen of Drexel University.”So it’s kind of like, if everyone is driving a Hyundai and some people start buying Cadillacs, the average price of a car will go up,” Gillen said. “It doesn’t mean all value of cars is going up.”Gillen said he expects things to level out when supply outweighs demand.

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