Last year, the pandemic upended the apartment rental market, as some tenants were unable to pay their rent, some gave up their apartments to live with family, and others moved to more remote or affordable locations. New data is showing how all those moves affected the local apartment market.
A recent report by RentHop finds that rents for one-bedroom apartments fell at 60% of Metro stations in the DC region.
Rents dropped the most around the Navy Yard Metro station, falling by 14% year-over-year to a median of $1,875 a month. At the Archives/Navy Memorial and Rosslyn Metro stations, rents went down by 13% to $2,175 and $1,697 a month, respectively.
In fact, the Orange Line is heavily represented among those stations where rents dropped the most year-over-year:
- Metro Center, rents went down by 12.2% to $2,150.
- McPherson Square, rents went down by 12.1% to $2,100.
- Federal Center SW, rents went down by 11.8% to $2,250.
- L'Enfant Plaza, rents went down by 11% to $2,225.
- Eastern Market, rents went down by 10% to $1,980.
Conversely, rents rose the most year-over-year along the Green and Blue Lines. West Hyattsville Metro saw the largest rent increase, going up by 5.6% to $1,373 a month, and Georgia Avenue/Petworth had the second-largest increase, rising by 4.4% to $1,727. Tied for third, rent went up by 4.3% at both the Naylor Road and Braddock Road stations, to a respective $1,200 and $1,825.
RentHop's report gathers median rent data for one-bedroom units advertised on their site within a half-mile of Metro stations, comparing rates from March through May 2020 to the same period in 2021.
This article originally published at https://dc.urbanturf.com/articles/blog/the-metro-stations-where-rents-went-down-and-up-over-the-past-year/18449.
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