The pace that Class A apartment rents rose in the first quarter of 2023 slowed considerably compared to years past.
Delta Associates released their first quarter Class A apartment report for the DC region on Wednesday. Class A apartments are typically large buildings built after 1991, with full amenity packages.
Below, UrbanTurf gathered data regarding what has happened with apartment rents around the region since the first quarter of 2022.
As the table illustrates, the largest increase was seen in Alexandria, and at just 4%, it is significantly lower than the double digit increases seen over the last 2-3 years. As demand normalizes and more apartment product comes online, the rise in rents displayed above will more become the norm.
"We expect the region-wide vacancy rate for stabilized Class A apartment properties will increase by 80 basis points in three years compared to today – resulting in a metro-wide rate of 5.1%," Delta said in its latest report. "We expect rent growth to continue moderating closer to the long-term average in 2023 and beyond. Rent growth will average between 3.2% and 4.2% in 2023-2025."
This article originally published at https://dc.urbanturf.com/articles/blog/how_much_did_dc-area_rents_rise_at_the_beginning_of_2023/20923.
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