Philly Tops Lists for Renting, Walkability, Affordability

In the first half of 2024, Philadelphia ranked No. 9 for renter interest, according to RentCafe’s Mid-Year Rental Activity Report.

“Philadelphia secured ninth place in our ranking for the first half of 2024,” the RentCafe roundup notes. “Its popularity among apartment seekers throughout this period came after a 76% year-over-year surge in traffic on RentCafe.com combined with a 16% drop in available listings.”

In the Northeast, Philly was the second most sought-after city by renters, following only Queens, New York.

Renters have been favoring Philly increasingly over the past year, and, as more people work from home, the city has seen a record-high number of office-to-apartment conversions this year.

Notably, Philly also recently ranked No. 2 on Realtor.com’s list of Top 10 Walkable Cities With Affordable Homes Priced Below $450k.

“Philadelphia, the largest city in Pennsylvania and the largest city on our list by far, has a grid layout and an extensive public transit system,” Realtor.com said of the city’s walkability and ease of transportation.

In June, the City of Brotherly Love had 4,126 active listings, with a median list price of $289,000, or 35% below the national median. Realtor.com noted that compared to nearby metros, homes in Philly are significantly more affordable, and its many neighborhoods give it a variety of characteristics.