At the end of 2024, the average rent for a one-bedroom apartment in the Philadelphia metro area was about $1,520. That’s 1.3% lower than it was a year earlier in December 2023. This may not sound like a huge drop, but in a market where rent usually keeps climbing, any decrease is worth noticing. The reason? A growing number of new apartments have been built, and landlords are working harder to attract renters. So if you’ve been struggling to find a place, it might be a little easier now than it was last year.

More Apartments Mean More Choices

A big part of why rent prices are dropping in Philly is the boom in new apartment construction. In 2024 alone, the area added over 13,000 new units—the highest number in more than two decades. With so many new places opening up, renters now have more options. This takes pressure off prices, since landlords have to compete with one another to fill all those units. In simple terms: more apartments = more chances to find a better deal.

Landlords Are Offering Extra Perks

Because there are more empty apartments than usual, many landlords are trying to attract tenants by offering special deals. Some are cutting move-in costs by waiving application fees or security deposits. Others are throwing in free months of rent or flexible lease terms. These kinds of incentives were rare a couple of years ago, but now they’re becoming more common in Philly. If you’re apartment-hunting, ask about promotions—it could save you hundreds.

Philly Is Different From Its Neighbors

Even though rents are slightly dropping in Philly, other nearby cities are seeing the opposite. In Trenton, New Jersey, for example, one-bedroom rents jumped nearly 27% in just one year. Rents also went up in parts of Delaware. This makes Philly stand out as one of the few metro areas in the region where prices are staying steady or even going down. It’s a sign that the local housing market is more balanced right now, at least compared to its neighbors.

Rents Might Go Up in the Spring

Experts say that this dip in rent might not last forever. As more people start looking for apartments in the spring and summer, demand could rise again. And with that, prices may slowly climb back up. Still, since more new apartments are expected to open this year, any increases will likely be small. So while rent may not stay this low for long, it probably won’t shoot up like it has in past years either.