Over the last decade, people have found it more and more difficult to be able to afford monthly rent in Philly–and things may be getting worse for the Philadelphia apartment market.
To rent a two-bedroom apartment at a monthly rate of $1,119, you must bring in at least $21.52 per hour. The problem is, however, that this number is nearly three times the state minimum wage. If someone was living in that two-bedroom unit with an average salary, he or she would have to put in 59 hours per week at the office in order to make ends meet each month.
The reason for these increasingly unaffordable rental rates? A shortage of Philadelphia apartments in desirable neighborhoods. While Philadelphia has a high vacancy rate overall, there is a shortage in some of the most popular Philadelphia neighborhoods, including Graduate Hospital, Fishtown and Avenue of the Arts.
Neighborhoods are extremely important to renters, who want to make sure they’re living in an area that is accommodating to their every need. Many renters are opposed to suburban apartment construction, which has caused a shortage in apartments and thus, a spike in monthly rent.