DC Rental Market Ranks As Country’s Third Most Expensive Even As Rents Fall

• January 6, 2016

by Tianna Mañón

The most expensive rental markets in the nation. Click to enlarge.

The nation’s capital has the third most expensive rental market in the country, per a recent report, even as rents have leveled off or fallen among some property types in DC.

According to Apartment List, the DC rental market ranks behind only San Francisco and New York in terms of priciness. (The list ranks markets based on the rental rates for two-bedroom units.) The average price for a one-bedroom apartment in the city is $1,980 a month, an increase of 1.8 percent from last year. The average rental rate for a two-bedroom is $2,800 a month, about a percentage point lower than last year.

In comparison, a two-bedroom apartment in New York rents for $3,400 a month on average; in San Francisco, two-bedrooms are averaging $4,610. The data used for this article comes from the DC listings included on Apartment List.

Back in October, DC ranked high on another list put together by Apartment List: the cities and states with the highest percentage of cost-burden renters. 48 percent of renters in DC spend more than 30 percent of their income on rent making the city the 9th most cost-burdened city for renters in the country.

This article originally published at http://dc.urbanturf.com/articles/blog/dc_rental_market_ranks_as_countrys_third_most_expensive/10721