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How Much Have DC-Area Rents Changed This Year?

  • November 1st

by UrbanTurf Staff

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New apartment building planned for downtown Bethesda.

The breakneck speed at which DC-area apartment rents rose over the last few years continues to slow down.

Delta Associates released their third quarter Class A apartment report for the DC region this week, which reveals that rents rose slightly in many areas, while dropping in some parts of DC proper. 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 2022. 

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Click to enlarge.

In contrast to the double-digit increases from years past, rent trajectory in the DC region was a mixed bag this year. Bethesda, Upper Georgia Avenue and Alexandria led the way with rents rising about 5%. In NoMa, Capitol Hill and Navy Yard, rents fell slightly.

"Annual rent growth in the Washington metro area Class A apartment market is trending below the long-term average in the third quarter of 2023, which is the result of a highly competitive environment as a record number of new projects are now available," the Delta report stated.

Note: The rents are an average of studios, one and two-bedroom rental rates at Class A high-rise buildings. 

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_have_dc-area_rents_changed_this_year/21640.

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