Apartments for Rent in Olney, Philadelphia, PA

Olney, Philadelphia apartment availability

Olney's rental market offers a good selection of listings, with an average of 36 rentals available each month. The neighborhood's inventory is relatively balanced, with a mix of 1-bedroom, 2-bedroom, and 3-bedroom apartments, as well as a few studios. Many of Olney's apartments feature desirable amenities, including air conditioning, in-unit laundry, and hardwood floors, which are available in about a quarter to a third of the apartments. This variety of options makes Olney a viable choice for renters with different needs and priorities.

Olney, Philadelphia rental market trends

The Olney neighborhood in Philadelphia saw a notable increase in rent prices last year, with an average monthly rent of $1,252 across all bed counts and property types, representing a 7.1% year-over-year increase. Breaking it down by bed count, 1-bedrooms averaged $1,010 per month, with an 8.5% annual increase, while 2-bedrooms averaged $1,240, with a 7.6% decrease. The average rent for a 3-bedroom was $1,540, with an 8.4% increase, and studios averaged $1,014, with an 8.8% decrease.

The summer months tend to see the highest demand and prices in Olney, with May typically being the most expensive month, boasting a 22.7% rent increase compared to January. If you're looking for a new apartment, be prepared for more competition during this time. Conversely, if you're searching for a new place in the winter, January may offer more affordable options, with prices about 22.7% lower than in May. Keep in mind that the rental market can fluctuate, but understanding these trends can help you navigate the Olney market.

Why Olney, Philadelphia is a great place to live

Olney stands out as a top choice for renters prioritizing environmental sustainability and social living. The neighborhood's focus on eco-friendliness is evident in its use of non-toxic paint, rainwater harvesting, and waste recycling programs in many of its apartments. Additionally, Olney's walk score and transit score make it an ideal location for those looking to reduce their carbon footprint. The neighborhood's social scene is also thriving, thanks to its high walk score, frequent transit options, and robust neighborhood population. With its strong street infrastructure and emphasis on safety, Olney is an attractive option for renters seeking a community-oriented lifestyle that's also gentle on the planet.