Rental Comps For Single/Multi-units
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Alan AsriantsBusiness Member
Real Estate Agent · Philadelphia, PA · Member since 2019 · 1k+ posts · 1k+ votesAs others have mentioned above Philadelphia can be block by block area. Its important that you are truly comparing apples to apples and not fetching data too far out. In areas like Roxborough or NE Phila - the neighborhood stays generally consistent over longer stretches but tighter and more dense neighborhoods can change drastically.
For example properties west of broad street above Washington ave are considered in Grad Hospital area and rent/sell for much higher than just a block south in point breeze
A trick I use to gauge rental comps is to look at very similar layouts and listings for rent on zillow and track the number of days listed vs contacts made. If the listing has been listed for 10 days with only 2 contacts made - its safe to assume that the value for the condition/area they are asking for is too high. On the other side if that property had 20 contacts in 10 days than that is a healthier sign. You can assume that is more in line with the market
Alan Asriants - New Century Real Estate 592 Reviews
8 Replies
- 4moStuart UdisPro MemberAttorney · Philadelphia · Member since 2018 · 2k+ posts · 3k+ votes
Philadelphia, like many markets, can change dramatically within just a few blocks. That's why it's so important to select a neighborhood and get to know it intimately rather than relying solely on market-wide data or online research.
You learn far more by spending time in a neighborhood than you do analyzing data from afar. Walk the streets, talk to residents and business owners, observe activity at different times of the day, and tour as many properties as possible. The condition of the housing stock, level of investment, tenant quality, and overall feel of a neighborhood are often difficult to fully appreciate from listings or online data. I just read a NY times article written about the Mount Airy and Germantown neighborhoods that pulled generalized rental and for sale data for the neighborhoods which are both geographically quite expansive. They are the neighborhoods where most of my real estate is located and my rents and property values are significantly higher than the figures mentioned in the article, but I also prioritized building a portfolio in the best areas of each neighborhood. It's quite obvious if you walk the streets around where my properties are located, interact with my tenants or view my properties.
I continue to find it odd that many people will spend countless hours visiting dealerships and test-driving vehicles before making a purchase, yet feel comfortable deciding where to invest hundreds of thousands of dollars in real estate based primarily on online listings, spreadsheets, and Google Maps. Real estate is inherently local, and some of the most important information can only be gathered by physically spending time in the market.
- 4moJoseph ScoreseBusiness MemberBanker · Philadelphia · Member since 2009 · 2k+ posts · 644 votes
Great question. In Philadelphia, I’ve found that relying solely on Zillow, Redfin, or Rentometer can sometimes lead to inflated or stale rental estimates because asking rents don’t always reflect what units actually lease for.
A few additional resources and strategies that have been helpful:
• MLS Rental Data (Bright MLS): If you have access through an agent or broker, this is often one of the best sources because it shows actual leased rents, days on market, and property details.
• CoStar / Apartments.com Market Reports: CoStar provides detailed neighborhood-level rental data, vacancy rates, and trends, though it can be expensive. Apartments.com also publishes useful market reports for Philadelphia submarkets.
• HUD Fair Market Rent (FMR) Data: While not perfect for investment analysis, it provides a baseline for different unit sizes and can help identify areas where market rents significantly exceed government benchmarks.
• Neighborhood-Specific Facebook Groups & Local Property Managers: Sometimes the most accurate rent comps come from active landlords and property managers who are leasing units in the area every day. Many are willing to share current rent ranges.
• Running Your Own Comp Analysis: I like to pull 5–10 comparable rentals within a 0.25–0.5 mile radius, matching bedroom count, property condition, and amenities. Tracking actual leased units over time gives a much clearer picture than relying on automated estimates.
• Philadelphia Market Reports: JBREC, Marcus & Millichap, CBRE, and Colliers regularly publish multifamily reports that break down average rents and trends by neighborhood and submarket.
For underwriting purposes, I usually cross-reference Zillow, Apartments.com, MLS data (if available), and local property manager feedback. When all three sources point to a similar rent range, I'm generally comfortable using that number in my analysis.
- Member since 2026 · 15 posts · 2 votes4mo
Quote from @Kyle Lam:
Hi All,
I wanted to create this post to find newer and more effective methods for finding/running rental comps for multifamily and single family investment properties in Philadelphia. I know that there are websites that you can pay for monthly subscriptions like rentometer or even free sites like zillow/redfin that will have available rentals in the areas. However, I was wondering if there are any better sites/apps that could give a better idea of what rental units are renting for in different parts of Philadelphia. Where they might give a breakdown of average rents for 1 bed, 2 beds, 3 beds, and etc... I am just looking to get a better grasp of what the general rental prices are in certain areas to better understand what a potential investment property could generate in rental income. Anything helps!
You’re on the right track using Rentometer, Zillow, and Redfin.
For better rental comps in Philadelphia, also check:
- Apartments.com and RentCafe for real-time asking rents
- Realtor.com Rentals for steadier listings in some areas
- HUD Fair Market Rent data for baseline ranges by zip code
- PropStream or CoStar if you want deeper investor-level data (paid)
Best approach is to compare 3–5 active listings in the exact neighborhood with one rent estimate tool. Philly rents vary block by block, so local comparison is key.
- 4moAlan AsriantsBusiness MemberReal Estate Agent · Philadelphia, PA · Member since 2019 · 1k+ posts · 1k+ votes
As others have mentioned above Philadelphia can be block by block area. Its important that you are truly comparing apples to apples and not fetching data too far out. In areas like Roxborough or NE Phila - the neighborhood stays generally consistent over longer stretches but tighter and more dense neighborhoods can change drastically.
For example properties west of broad street above Washington ave are considered in Grad Hospital area and rent/sell for much higher than just a block south in point breeze
A trick I use to gauge rental comps is to look at very similar layouts and listings for rent on zillow and track the number of days listed vs contacts made. If the listing has been listed for 10 days with only 2 contacts made - its safe to assume that the value for the condition/area they are asking for is too high. On the other side if that property had 20 contacts in 10 days than that is a healthier sign. You can assume that is more in line with the market
Alan Asriants - New Century Real Estate 592 Reviews - Rental Property Investor · Philadelphia, PA · Member since 2021 · 782 posts · 505 votes3mo
@Kyle Lam - I agree with what others have said, but will also add the "secret shopper" strategy. Go online and look at rentals currently in the area and see what they are listed for - Or, if their are largest buildings go ahead and call them about any vacancies to see how much they are charging and what amenities are included in the rent. Good Luck!
- Member since 2026 · 72 posts · 30 votes3mo
I come at this from the housing-data side rather than owning doors in Philly, so weigh Alan's on-the-ground read above mine — but the comps problem has a clean, free answer, and it includes the by-bedroom breakdown you're actually asking for.
Alan's right that properties "rent/sell for much higher than just a block south in point breeze," and the reason Rentometer and Zillow feel mushy is that they average a radius or a whole ZIP — and in Philly the block-level swing is wider than the tool's entire comp set. Put numbers on his exact example, from ACS census-tract medians: across the Graduate Hospital tracts (north of Washington, west of Broad) median gross rent lands around $2,000; across Point Breeze just to the south it's around $1,500 — and right at the Washington Ave line the two tracts straddling it run roughly $2,400 versus $1,600, about an $800/month swing across that one boundary. The citywide median is about $1,370, so a single citywide comp sits well below the Grad Hospital tracts and above the softer parts of Point Breeze — wrong in both directions. Those two adjacent tracts even share ZIP 19146 (one sits fully inside it, the other straddles 19146/19145), so a ZIP-level pull still blends them. The census tract is the first unit fine enough to keep Grad Hospital and Point Breeze apart.
For the by-bedroom part specifically, the table almost nobody pulls is ACS B25031, "Median Gross Rent by Bedrooms." It gives you the median for studio / 1BR / 2BR / 3BR / 4BR for a single tract on data.census.gov — which is basically a per-unit rent comp, so it works for the individual units in a duplex/triplex, not just single-family. The workflow that pins it to the block: geocode the address to its tract (the Census geocoder is free), pull B25031 for that tract, then pull it for the two or three same-character tracts next to it so you see the spread instead of one point. B25064 (overall gross rent) and B25077 (home value) are the companion tables if you also want the rent-to-price read.
Two honest caveats so you use it right. ACS tract figures are 5-year estimates — utility-inclusive and lagging current asking rents — so treat them as the structural level of the block and the gap between blocks, not this month's number; and at the tract level an individual bedroom cell can get thin (wide margin of error), so if a 3BR number looks off, widen to a couple of neighboring tracts. Then do exactly what Alan described and calibrate the live number off listings — days-on-market versus contacts is a good tell on whether an asking rent is real. The census gives you the anchor that tracks the actual block; the live listings give you today's price.
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