DC-Area Rents Fall Nearly 1% In November
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A new report shows that asking rents across the DC region saw some of the largest declines in the country in November.
The Zillow report found that rents in the area fell nearly 1% in November to $2,356/month. Denver was the only metro area that saw a larger decline.
"Over the past year, the rental market has moved firmly in favor of renters," the report stated. "New supply and lower churn have contributed to a calmer pace of rent changes across many metros."
Landlords in the DC region are also offering more concessions -- the share of rentals offering perks like free parking or rent rose to nearly 40% of active rentals in November.
"Incentives have become increasingly common as vacancy rates remain elevated," the report stated. "Nearly two in five listings now include a concession (39.3%), highlighting that renters have more negotiating power. The share of rentals with a concession is the highest for any November since Zillow began tracking this metric."
See other articles related to: dc apartment rents, dc rents, dc-area rental market
This article originally published at https://dc.urbanturf.com/articles/blog/rents_in_dc_saw_some_of_the_largest_declines_in_the_country_in_november/24174.
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