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Unlocking Affordable Living: Navigating Average Rent and Shared Apartments in Philadelphia

Unlocking Affordable Living: Navigating Average Rent and Shared Apartments in Philadelphia

Jerry
Apr 22, 2024

Table of contents

  • Best for Students
  • Cheapest Rent in Philadelphia
  • Best for Restaurants and Nightlife
  • Co-Living

Living in a shared apartment in Philadelphia is one of the most cost-effective ways to live in this vibrant major city. Despite rent prices noticeably ticking up in recent years, Philly’s overall rent prices tend to hover just above the national average across all apartment sizes. According to Tripalink, the median rent for an apartment in Philadelphia is $2,043, but you can almost always expect to pay more than that in most popular neighborhoods.

In Philadelphia, a shared apartment offers great value, and by choosing a four-bedroom as an example, splitting the rent with roommates means you end up paying just about a quarter of the total cost. Living with multiple people also allows for staggered rent, meaning you can opt for a smaller bedroom or a shared bathroom in exchange for a lower share of the rent, or vice versa.

419 N Holly St - An Apartment in Philadelphia

Best for Students

With the University of Pennsylvania and Drexel University in close proximity to each other and to the heart of the city, inevitably the surrounding areas tend to be the most expensive. University City is most popular amongst students at these schools, where rent averages in the $2,500 to $4,000 range.

However, just outside this neighborhood in Powelton Village and Mantua, rent for a shared apartment cuts nearly a quarter about $600 to $1,200. Going a bit further north near Temple University, Fairmount is also a great option that puts you close to action at a lower price.

Cheapest Rent in Philadelphia

West Philadelphia may not quite measure up to Bel Air, but it’s full of history and charm. This region of the city is where you’ll see rent drop considerably without having to venture too far from downtown. With shared apartments in Philadelphia averaging well below $2,000, this area may be a good alternative to more expensive neighborhoods surrounding the major universities.

Many shared homes in these neighborhoods are single-family homes or townhouses for rent rather than apartment buildings, so you’ll also find a great selection here in terms of size, quality and value for your money.

co-living life and drinking

Best for Restaurants and Nightlife

If you’re fortunate enough to rent a shared apartment in Philadelphia right in the heart of the city, check out Old City, Rittenhouse Square and Logan Square. These neighborhoods are brimming with history, museums, art and restaurants, and most things are accessible on foot or via public transportation. This area tends to be most popular among young professionals, and living here could cost you anywhere from $2,000 to $3,000 for renting a 1-bedroom apartment.

Co-Living

While multiple roommates do help reduce the cost of rent, even still, the cost of a 1-bedroom apartment in Philadelphia is often unrealistic for many students and recent grads after factoring in additional expenses like utilities, WiFi and parking. If you’re already open to the idea of living with multiple roommates, you may also consider a co-living situation like Tripalink to help offset some of these expenses.

Tripalink’s average rent in Philadelphia is $700 per person with options as low as $483 for a room in a shared fully furnished apartment. This offers a more affordable alternative to the standard rentals in Philadelphia, and the apartments come fully furnished.

Tripalink also employs a matching system to ensure compatibility between you and your roommates, providing a unique chance to connect with new people, especially helpful when moving to a new city without prearranged roommates. If the concept of co-living is new to you and it's causing some anxiety, we recommend checking out our article, "Essential Roommate Rules for Harmony: Your Co-Living Guide" for a smooth transition.

 

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