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.
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.
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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