Rhynhart made the announcement at Nichols Park in West Philadelphia, a neighborhood plagued by gun violence.
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She said that after five years of critiquing the local government as controller, she believes she is now positioned to implement recommendations.
SEE ALSO: 2 Philadelphia Councilmembers resign, plan to run for mayor
She tweeted, "Philadelphia needs a mayor willing to roll up her sleeves and do the hard work needed to move our city forward. I'm ready to take action and put people first."
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Rhynhart joins four former members of city council in the race for mayor.
SEE ALSO: Another Philadelphia councilmember announces mayoral candidacy