Rental market snapshot for Richmond, Philadelphia
Richmond rental market summary
The rental market in Richmond, Pennsylvania is showing signs of growth. In July 2023, there were 385 new listings, a significant increase from the previous month. The median rent also increased from $1,500 in July 2022 to $1,700 in July 2023, representing a 13.3% increase. This suggests that the rental market in Richmond is becoming more competitive, with more people looking for rental properties and landlords able to increase their asking prices.
Overall, the rental market in Richmond is looking positive. With more listings and higher rents, landlords are in a good position to make a return on their investments. However, it is important to note that the market could still be volatile, and renters should be aware of any changes in the market that could affect their rental costs.
Median rent for all residential properties in Richmond
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The most expensive listings and top trending buildings in Richmond
Most Expensive Listings
| Address | Rent Price | Bed / Bath |
|---|---|---|
| 3029 Richmond St | $2,618 | 2 / 1.0 |
| 2519 E Clearfield St | $2,500 | 3 / 1.0 |
| 2727 Tilton St | $2,250 | 3 / 2.0 |
| 2500 E Tioga St | $2,095 | 2 / 2.0 |
| 2518 E Schiller St | $2,095 | 2 / 2.0 |
Top Trending Buildings
| building name | avg rent price |
|---|---|
| Odin Management | $1,203 |
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Bedroom Breakdown in Richmond
Richmond neighborhood apartments rents
The rental market for studios in Richmond, Pennsylvania appears to be relatively stable, with only one new studio listing in July 2023 and a median rent of $1,195. Unfortunately, no data is available for June 2023, so it is not possible to determine the percent change in rent from June to July. Overall, the rental market for studios in Richmond appears to be relatively steady.
The rental market for 1-bedroom apartments in Richmond, Pennsylvania is showing signs of growth. In June 2023, there were two new 1-bedroom listings, indicating an increase in demand for rental units. The median rent for 1-bedroom apartments in June 2023 was $1,203, a 7.1% decrease from the median rent in May 2023. This suggests that the rental market is becoming more competitive, with landlords offering lower prices to attract tenants. Overall, the rental market for 1-bedroom apartments in Richmond, Pennsylvania appears to be on the rise.
The rental market for 2-bedroom apartments in Richmond, Pennsylvania is showing signs of growth. In July 2023, there were two new 2-bedroom listings, indicating an increase in demand for these types of apartments. The median rent for 2-bedroom apartments in July 2023 was $1,780, a 4.7% increase from the median rent in June 2023 of $1,701. This suggests that the rental market for 2-bedroom apartments in Richmond is becoming more competitive, with landlords able to increase their prices due to the increased demand.