The suburban Philadelphia rental market ranked among the top 20 most in the nation in 2022 for competitiveness, writes Veronica Grecu for RentCafe.
It ranked at No.17 nationally with a competitive score of 78.1. This is significantly higher than the city itself, which has a competitive score of 65.6.
Suburban Philadelphia is an attractive Northeastern location in which there is currently fierce demand for a new rental place. There are an average of 14 renters vying for the same apartment in the suburbs, with the majority of rentals getting tenants within 42 days.
Philadelphia suburbs have a lease renewal rate of 78 percent, which is also higher than the city’s 70 percent. This means that more than three-quarters of renter chose to stay in their current rental units rather than looking for something new, as has been the nationwide trend.
The occupancy rate in the suburbs is 95.8 percent, which is slightly higher than the city’s rate of 95.4 percent.
Harrisburg, which ranked second, is the only other Pa. rental market that made the top 20 list. One of its advantages is considered to be its relative proximity to Phila., Washington, D.C., and New York City.
Read more about the most competitive rental markets in RentCafe.