After Two Years, Apartment Rents Fall Nationally and in the DC Area

  • December 14th 2022

by UrbanTurf Staff

A new report out today shows that asking rents for apartments fell across the U.S. in November.

"Asking rents declined 0.4% from October to November, the largest one-month decline in the seven-year history of the Zillow Observed Rent Index," the Zillow report stated today. "The decline comes on top of a 0.1% drop in October, and decisively closes the door on a period of nearly two years of above-average monthly rent increases that began in November 2020."

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Rents also fell in the DC region, dropping about 1% between October and November to a typical rent of $2,223/month. Despite the monthly drop, rents are still up about 5.6% compared to last November.

"Rent growth has been cooling since reaching a peak of 17.1% year-over-year in February. Americans’ demand for housing has waned this year, after booming in 2021, thanks to higher costs of rent and generally high inflation."

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This article originally published at https://dc.urbanturf.com/articles/blog/after_two_years_apartment_rents_fall_nationally_and_in_the_dc_area/20415.

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