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Single-Family Rents In DC Area 35% Higher Than Apartments

  • April 17th

by UrbanTurf Staff

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A new report continues to highlight the growing chasm between apartment and single-family rents, not only across the country, but also in the DC region. 

In its new market report, Zillow finds that rents for single-family homes in the U.S. remain 20% higher than apartment rents, as the median asking rent has risen above $2,000/month. 

"Nationwide, single-family rentals are moving further out of reach for the median U.S. household," Skylar Olsen, Zillow chief economist, said in a release. "A household making the median income would spend 32.6% of its income on the typical single-family rental. In contrast, multifamily affordability has improved, with renters now typically dedicating 27.1% of their income to housing expenses."

In the DC area, the difference in rents between apartments ($2,298) and single-family homes ($3,108) is about $800 a month, making for a 35% spread between the monthly rents for these two property types. About 6 in 10 rentals in the region are currently offering a concession. 

See other articles related to: dc apartment rents, dc rental market

This article originally published at https://dc.urbanturf.com/articles/blog/single-family_rents_in_dc_area_35_higher_than_apartments/23409.

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