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.
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