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.
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.
Most Popular... This Week • Last 30 Days • Ever
A stately five-bedroom Woodley Park house has been home to not one, not two, but thre... read »
The European grocery store chain announced Monday that its new store at Skyland Town ... read »
Add another residential development to the pipeline coming to Columbia Pike. ... read »
There have been a number of development plans for the Exxon gas station site on the w... read »
As the Shakespeare Theatre Company moves forward yet again with redevelopment plans ... read »
UrbanTurf has compiled virtual looks at large new developments around the DC region.... read »
With interest rates reaching their highest levels in 14 years, it is critically impor... read »
Before deciding to build an addition to your rowhouse, find out whether you'll need t... read »
UrbanTurf takes a look at the options DC homeowners and residents have to take advant... read »
Eastbanc and Jamestown have filed a planned unit development with DC's Zoning Commiss... 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