All signs point to a strengthening apartment market in the DC area, although a new report is adding a caveat.
ApartmentList's national rent report shows that rent in DC increased 12% year-over-year in 2021, compared to a 12.4% drop in the year prior. Despite the rent increase, the report finds that rents are still 3% lower than when the pandemic began in March 2020.
A quick look at rents around the region reveals that Chevy Chase saw the highest rent growth in the DC area, with median rents increasing by 21%. Median rents in Arlington increased by 17% over the past year, and in Rockville, rents increased by 16%. Hyattsville was the only city in the area where rents fell, decreasing by 2.4%.
At least in DC, rents have not recovered from where they were on the cusp of the pandemic. As shown in the table above, the median rent for a one-bedroom apartment was $1,782 in December compared to $1,831 in March 2020. In Montgomery, Prince George's, and Arlington counties, however, along with Alexandria, rents in December were higher than they were in March 2020. Prince George's County is the only jurisdiction in the immediate area where median rents continued to increase throughout the pandemic.
The ApartmentList report uses same-unit transacted rent prices from the American Community Survey.
This article originally published at http://dc.urbanturf.com/articles/blog/a-snapshot-of-apartment-rents-in-the-dc-area/19119
Most Popular... This Week • Last 30 Days • Ever
DC's homebuyer assistance programs can be a bit complex. This edition of First-Timer ... read »
A look around DC to find the most equity-rich neighborhoods.... read »
Just a month after setting a new high in March, the value of a house in DC skyrockete... read »
The National Capital Planning Commission will consider approval of the final master p... read »
The new five-level residential project is planned for the buildings at 1365-1375 H St... read »
Our guide for amateur landlords who don't really know what they're doing.... read »
UrbanTurf has compiled virtual looks at large new developments around the DC region.... read »
The eight-bedroom, 35,000 square-foot home known as The Cliffs hit the market Wednesd... read »
Brookfield Properties is moving forward with development plans for additional sites i... read »
The most detailed rendering yet has been unveiled for the 310-unit redevelopment of t... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
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. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro