What's Hot: Barnes and Noble Will Return to Georgetown in June | The 3,000 Units On The Boards From Trinidad to Gallaudet
How Much Did DC-Area Rents Rise at the Beginning of 2023?
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.
story continues below
loading...story continues above
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."
See other articles related to: class a apartments, class a rents, dc apartment rents
This article originally published at https://dc.urbanturf.com/articles/blog/how_much_did_dc-area_rents_rise_at_the_beginning_of_2023/20923.
Most Popular... This Week • Last 30 Days • Ever
Rossdhu Gate is the remaining piece of a 30-room castle built by socialite Daisy Calh... read »
As profits drop around the country, sellers around DC are still realizing hefty retur... read »
A Home Equity Line of Credit, commonly referred to as HELOC, is a borrowing product t... read »
The Gen Z market; ranking food halls around DC; and is this the new king of Queens?... read »
The term "luxury" has been applied broadly in the housing market, but a new report ai... 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. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro