Home | Newsletter | Advertise
loading...

DC Class A Apartment Rents Increase 18%, As Deliveries Drop and Absorption Shoots Up

  • May 2nd 2022

by Nena Perry-Brown

Despite strong growth in DC, apartment rents have not fully recovered to pre-pandemic levels, however they have risen notably in the last 12 months. Today, UrbanTurf takes a closer look at the newest report from Delta Associates on the Class A apartment market to see where in DC rents have gone up the most over the past year.

DC Class A apartment market summary, courtesy of Delta Associates. Click to enlarge.

Overall, the average apartment rent for Class A units in DC is back to 98% of what it was in March 2020. The Upper Northwest submarket is the city's only area where rents have fully recovered, at 104% of what they were two years ago. Overall, average Class A rents citywide increased by 18.3%, and each submarket in DC proper saw rent growth year-over-year.

The report notes that the city's emergency rent moratorium has contributed to slow rent recovery, however, other factors are conspiring in favor of higher rent growth. New apartment deliveries fell 31% over the past 12 months while apartment absorption has risen 244% during that same period, with DC accounting for almost half of the area units absorbed.

DC submarket Class A apartment rents and pipeline. Click to enlarge.

The Capitol Hill/Capitol Riverfront/Southwest submarket had the highest absorption (3,514 units) in the DC region, while the NoMa/H Street submarket had the most deliveries area-wide (1,641 units). These two submarkets also account for almost two-thirds of the city's 36-month pipeline.

Neither of those submarkets saw DC's highest rent growth, however; that distinction belongs to the Northeast submarket, where Class A rents rose by 21.8% over the past 12 months. The Central submarket comes in second with 21% rent growth, followed by Upper Georgia Avenue with 20% rent growth. 

Note: The rents are an average of studios, one and two-bedroom rental rates at Class A high-rise buildings in DC. Class A apartment buildings typically have full amenity packages. 

This article originally published at https://dc.urbanturf.com/articles/blog/dc-class-a-rents-increase-18-as-deliveries-drop/19596.

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