Rendering of rentals planned at 301 Florida Avenue
In the last 12 months, Class A apartment rents in the DC area rose at their fastest pace since 2010, according to a new quarterly report from Delta Associates.
The rents for Class A apartments (defined as large buildings built after 1991, with full amenity packages) rose 2.6 percent over the last year, with the largest increases in the Upper NW sub-market (6.9 percent), Rosslyn-Ballston Corridor (4.7 percent) and Silver Spring/Wheaton (7.1 percent).
Rental rates went up as absorption rates remained well-above their long-term average.
“Washington continues to experience above-average Class A absorption, as 12,427 Class A units were absorbed in the 12-month period ending March 2016 — more than double the region’s 10-year average,” the Delta report stated.
Although absorption has outpaced the number of rental units delivered over the past year, rent growth is expected to slow as a large volume of new apartments comes online this year.
Here is a quick snapshot of average rents for Class A rentals in high-rise apartments in DC area sub-markets, as defined by Delta:
See other articles related to: rents across dc, renting in dc, rental rates in dc, rent increase, rent affordability, rent, delta associates, dc area market trends, dc apartments, class b apartments, class b, class a apartments, class a, absorption rate
This article originally published at http://dc.urbanturf.com/articles/blog/dc_area_rents_have_risen_at_fastest_pace_since_2010/11083
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