Home | Newsletter | Advertise
loading...

Class B Apartment Rents Up 15% in DC As Vacancy Drops

  • July 27th

by UrbanTurf Staff

After falling last year, a new report shows that Class B rental units in the DC region have risen significantly in 2022. 

Rents for high-rise Class B apartments are up 15% in DC and 18% in the region year-over-year, per a new report from Delta Associates. Rents were up 9% in suburban Maryland and 15% in Northern Virginia. "Class B" generally refers to well-maintained older apartment stock with fewer amenities or other features that are considered dated. 

Click to enlarge.

As rents rose over the last year, vacancy plummeted to 1.6%. Vacancy fell by 50 basis points in Northern Virginia, 80 basis points in Suburban Maryland, and a whopping 160 basis points in the District.

"The Washington metro area Class B multifamily market has continued to stabilize in recent months as vacancy lowers even more and rents continue to rise at high rates," the report stated. "Annual rent growth was positive in all but one submarket in the Washington metro area with all sub-state areas posting annual increases at or above 9%."

Here is a quick snapshot of average effective rents for mid- and high-rise Class B apartments in DC area sub-markets, as defined by Delta:

  • Arlandria: $1,793 per month
  • Bethesda/Chevy Chase: $2,200 per month
  • Crystal City: $2,476 per month 
  • Mount Vernon Square: $2,158 per month
  • Silver Spring: $1,651 per month
  • Southwest: $1,914 per month
  • Upper Northwest: $2,203 per month
  • West Alexandria: $1,948 per month

Note: The rents are an average of studios, one-, two-, and three-bedroom rental rates at Class B mid- and high-rise buildings in the DC area.

See other articles related to: class b apartments

This article originally published at https://dc.urbanturf.com/articles/blog/class-b-apartment-rents-up-15-in-dc-as-vacancy-drops/19919.

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!

First-Timer Primers

Intro guides for first-time home buyers

Red Flags Revealed During a Home Inspection Top 5 Tax Breaks For Homeowners Tax Relief for DC Homeowners
Condo Fee Tutorial What is a Rent Back? 10 Ways To Tell If a Home Renovation is Well Done
Obtaining a Basic Business License For Your Rental What is an Adjustable Rate Mortgage? The Splitting the Rent Formula
How Much Cash Do You Need to Buy a House? Is This Condo Building Financially Healthy? Interest Rates and Mortgage Points
The Scoop on Mortgage Insurance

Unique Spaces

Awesome and unusual real estate from across the DC Metro

The Most Intriguing Loft in DC The R Street Firehouse DC’s One-Room House
Dupont Circle’s Old Frat House To Become Alley Home Best Transition From a Garage To a Home The Roundhouse
Tilden Gardens Restaurant-Turned-Home Hits Market Next Week Logan Circle’s Most Intriguing Garage Frank Lloyd Wright Goes Green in Kensington
Sears Bungalow Gets a Modern Makeover Old Town General Store Becomes Three-Level Home Making the Most of a Skinny House
A Studio 27 Renovation on Capitol Hill Once a Carriage House, Now a Home The Bank that Became a Home
From Pie to Hooch to Heroin to Home The Live-Aboards of Gangplank Marina A Treehouse with Rock Creek Park As A Backyard
Modern Tranquility in Sperryville Saddle Up For Stable Living Throwing a Curve at 550 Square Feet
A Modern Hilltop Retreat Tilden Street Restaurant Becomes Spacious Home Focus on Design: A Vastu Unit at 22 West
The DC Area’s First Net Zero Home A Yankee Goes Green DC’s First Carbon Neutral Home
Eco-Friendly Alley House Off H Street The Gym, The Stables and The Firehouse