It's a Renter's Market (Except in DC)
Real estate research firm Reis recently released statistics on the national apartment rental market, which by some measures is softer now than it has been in over two decades. The national vacancy rate stands at 7.5 percent, the highest it’s been since 1987 and 1.4 points higher than it was this time last year. It is also just shy of the highest vacancy rate on record, 7.8 percent recorded in 1986.
The news is bad for landlords but good for renters, as rents either fall or pack more bang for the buck in the form of concessions like a month of free rent. The trend is expected to continue as Reis expects 100,000 units of new apartment construction will come online during the remainder of the year.
Unfortunately for local renters, Washington, DC is one of few exceptions nationally; rents have actually increased slightly here. Presumably this has to do with the area’s economy being healthier than the national one.
Still, though, renters in DC are in a better position to negotiate now than they were a year ago. For a few tips, check the Wall Street Journal’s recent How To Take Advantage of Falling Rents. And don’t forget Rentometer, which will tell you how your rent compares to the market rate based on your apartment’s location and number of bedrooms.
See other articles related to: renting in dc
This article originally published at https://dc.urbanturf.com/articles/blog/its_a_renters_market_except_in_dc/1127.
Most Popular... This Week • Last 30 Days • Ever
In this article, UrbanTurf will explain what special assessments are, how they work, ... read »
Nearly 1,400 residential units are on the boards around Union Market, about the same ... read »
Plans are moving forward at the site of a long-planned project in Ivy City, however w... read »
Up 8% year-over-year, it is the first time that prices have exceeded $800,000 for det... read »
If there was ever a place where the old adage “one man’s trash is another man’s... read »
- What Are Special Assessments in Condo Buildings and What Do They Cover?
- Hotels, A Public Park and The 1,400 Units In The Works For Union Market
- Douglas Development Pitches Large Warehouse For New City Site Along New York Avenue
- The Price For A House in The DC Area Hit A New High in April
- Tile, Furniture, Appliances & (Much) More -- The Local Warehouse Chock Full of Salvaged Home Goods
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro