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Rents Rise in NoMa, H Street As DC Apartment Vacancy Remains Low

by UrbanTurf Staff

Rents Rise in NoMa, H Street As DC Apartment Vacancy Remains Low: Figure 1
Trilogy at NoMa

A report out Thursday analyzing the regional apartment market in the third quarter of 2012 states that rents for Class A apartments in DC are up 3.6 percent versus last year, while Class B rents rose 1.5 percent. The numbers from Delta Associates are evidence that the ever-rising rents are no longer increasing quite as fast as in past months. Still, there are sub-markets where rents are showing double-digit annual gains.

Like last quarter, the largest increases for Class A rents were seen in the NoMa/H Street area, where rents rose 14.1 percent over the last year; the upper NW sub-market followed closely with a 13.7 percent increase.

Rents Rise in NoMa, H Street As DC Apartment Vacancy Remains Low: Figure 2
Courtesy of Delta Associates.

Here is a quick snapshot of average rents for Class A apartments in DC sub-markets, as defined by Delta:

  • Central: (Penn Quarter, Logan Circle, Dupont Circle, etc.) $2,785 a month
  • Upper Northwest: $2,798 a month
  • Columbia Heights/Shaw: $2,425 a month
  • NoMa/H Street: $2,433 a month
  • Capitol Riverfront: $2,378 a month

Rent increases are closely tied to vacancy rates which, while not as low as they once were, are still quite low in comparison to the rest of the country. The vacancy rate in the city for investment grade apartments (Class A and B) sits at 3.8 percent. Compared to a national rate of 4.8 percent, DC has the second lowest vacancy of any major metro area in the nation, following only New York City.

Definitions:

  • Class A apartments are typically large buildings built after 1991, with full amenity packages. Class B buildings are generally older buildings that have been renovated and/or have more limited amenity packages.

See other articles related to: renting in dc, delta associates, apartments

This article originally published at https://dc.urbanturf.com/articles/blog/rents_rise_in_noma_h_street_and_upper_nw_as_apartment_vacancy_remains_low/6133

5 Comments

  1. mike said at 2:32 pm on Friday October 12, 2012:
    Are these generally one or two bedroom units? And what's the average square footage?
  1. Mark Wellborn said at 2:48 pm on Friday October 12, 2012:
    mike, These averages are based on all Class A apartments in DC (studios, 1-brs, 2-brs, etc.). We hope to get our hands on the report for Class B apts in the coming days, in order to do a comparison article. Mark Wellborn
  1. Rob said at 2:41 am on Sunday October 14, 2012:
    If you have the report handy, I'd like to know the rent increases in Northern Virginia as well. Thanks!
  1. John Kyle said at 2:35 pm on Wednesday October 31, 2012:
    In which submarket does Delta Associates include the Mount Vernon Triangle? JPK
  1. Mark Wellborn said at 2:53 pm on Wednesday October 31, 2012:
    John, The Mount Vernon Triangle neighborhood is considered part of the Central submarket. Mark Wellborn Editor

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