The breakneck speed at which DC-area rents have been rising over the last couple years is slowing down.
Delta Associates released their third quarter Class A apartment report for the DC region this week, which reveals that rents for these apartments are still rising, just not as fast as they have been. 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 October 2021.
The area around Crystal City, Virginia saw rents rise 10% for Class A units compared to a year ago; a number of other jurisdictions in the region saw single-digit percentage increases, a notable change from the second quarter of this year when neighborhoods were showing double-digit jumps.
"Although Class A rent growth slowed down a bit, it still well surpassed the long-term average as of September 2022," the Delta report said. "We expect rent growth to continue moderating closer to the long-term average near the tail end of 2022 and beyond. Rent growth will average between 3.2% and 4.2% in 2023 – 2025, after an increase of about 6.0% in 2022."
Note: The rents are an average of studios, one and two-bedroom rental rates at Class A high-rise buildings.
This article originally published at https://dc.urbanturf.com/articles/blog/how_much_have_dc-area_apartments_risen_this_year/20209.
Most Popular... This Week • Last 30 Days • Ever
The development for four parcels at The Yards from Brookfield Properties and the Menk... read »
Plans for the New York-based eatery appear to be moving forward.... read »
EDENS filed a planned unit development for a two-building residential development tha... read »
One of the more prominent features of the project will be a public plaza that will ru... read »
Foxhall is a DC neighborhood bordered by Reservoir Road, Foxhall Road, Glover Park, a... read »
To help home buyers and sellers both novice and seasoned, UrbanTurf is running a seri... read »
As home buyers get the itch to look for a home and start to venture out to open house... read »
The development will replace the 44,700 square-foot retail structure that was previou... read »
The concept includes 14 lanes for bowling, a 1,200 person concert venue, a craft bar ... read »
The zip codes that are home to Brentwood, Takoma Park and sections of Hyattsville top... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... 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. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro