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hiladelphia’s rental market is increasingly dominated by non‑locals, with New Yorkers topping the list. The city’s share of local traffic on Realtor.com fell from 68 % in fall 2019 to roughly 45 % this fall, the second‑largest decline among the country’s 50 biggest metros. Only Detroit saw a larger drop. The city is now one of 20 metros that have shifted from primarily local to primarily out‑of‑town demand. Nearly half (48 %) of the out‑of‑town traffic comes from the New York metro, including parts of North Jersey, a jump from about 7 % pre‑pandemic to over 25 % this fall.

    In October, the median asking rent for 0‑2 bedroom rentals in the region was $1,743, a figure that makes the area attractive to renters from pricier markets such as New York, San Francisco, and Charlotte. Yet, for residents already in the Philadelphia area, the city ranks among the least affordable major metros for apartment renters relative to income, according to a January Redfin report.

    “Affordability shifts are driving renters to look beyond their local markets,” said Danielle Hale, chief economist at Realtor.com. “More people are willing to explore new regions for homes that fit their budgets.” While New York renters are eyeing Philadelphia, most remain in place; the New York metro still had the highest local demand share this fall, with about 75 % of rental views originating within the metro—similar to 2019 levels.

    Nationwide, the rental market has cooled. From January to October, the median asking rent stayed flat, dropping 0.1 %. In the same period in 2024, the median asking rent rose 1.1 %.