Renters in Philadelphia find hope as housing costs moderate amidst inflation and student loan burdens.

Rent growth in Philadelphia is slowing to pre-pandemic levels, providing some relief for renters in the metropolitan area. While typical rent remains high, it only rose by 0.4% from May to June, translating to $1,864 per month, which is about $150 less than the national average. Year-over-year, rents in Philadelphia have increased by 3%, putting the metro in the middle of the pack compared to other big cities. However, housing affordability remains a significant issue, with many people doubling up with loved ones to afford a place to live. Despite the construction of thousands of new apartments each year, Philadelphia continues to face an affordable housing crisis.