What's Hot: The 4 Projects in the Works Near DC's Starburst Intersection | A 153-Room Aloft Hotel Pitched For Mt. Vernon Triangle
DC Has 4th Highest Rents in Country
DC has broken into the top five in a category that that will not make city renters smile.
A report released by Boston-based Investment Instruments Corporation in April stated that DC has the fourth highest median rental rates of the twelve major metropolitan areas in the country. For the first quarter of 2008, the median rent in the DC area was $1,687/month. That was up from $1,608/month from the first quarter of 2007, a 4.9 percent increase.
Of all the DC neighborhoods, the largest percentage increase was in Mount Pleasant where the median rent increased by 18.3 percent from $1,550 to $1,899. In the Logan Circle neighborhood, the median rents increased 9.4 percent from $2,085 to $2,300. In Georgetown, the rents increased just 0.5% from $1,850 to $1,840. The only neighborhood in DC where the median rent rates actually declined was the neighborhoods around Gallaudet University.
Ahead of DC on the list are San Francisco, New York City and Los Angeles. San Francisco had the largest increase of any of the Metro areas at 14.6 percent, an increase from $1,579 to $1,810.
Owen Johnson, the president of the Investment Instruments Corporation, noted that, with the weak state of the dollar, foreigners are now seeing property deals in these cities. This means that rental properties are disappearing from the market and supply is dwindling.
“San Francisco, New York and DC are all very international cities, and while they might look expensive to the Americans that live there, from a world view, the prices aren’t that bad and the value of property looks great,” Johnson told UrbanTurf.
Johnson also hypothesized that in DC, the increase in government and military spending was leading to the creation of jobs and that was keeping the rental market expensive.
The data for this report was culled from the over 7 million listings that are currently on Rentomatic and Rentometer, rental listing directory sites that Investment Instrument Corporations owns.
“The data for these reports take into account all bedroom types,” Johnson said. “And it is important to note that this is the median rent not the average.”
This article originally published at https://dc.urbanturf.com/articles/blog/dc_has_4th_highest_median_rents_in_country/75.
Most Popular... This Week • Last 30 Days • Ever
In this article, UrbanTurf looks at the estimated annual maintenance costs associated... read »
Another concept has been unveiled for one of DC's most contentious development sites,... read »
The residential development in the works along Florida Avenue NE is looking to increa... read »
Renter demand has continued to push Class A apartment rents in the DC region up this ... read »
The big news in the development pipeline east of DC's H Street Corridor is the resur... read »
- What Are the Annual Maintenance Costs When You Own a Home?
- A First Look At The New Plans For Adams Morgan's SunTrust Plaza
- 46 to 48: The Biggest Project In Trinidad Looks To Get Bigger
- How Much Did DC-Area Rents Rise At The Beginning of 2024?
- The 4 Projects In The Works Near DC's Starburst Intersection
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