The breakneck speed at which DC-area apartment rents rose over the last couple years slowed significantly at the end of 2022.
Delta Associates released their fourth quarter Class A apartment report for the DC region this week, which shows that rents for these apartments rose just slightly at the end of the year. Class A apartments are usually large buildings built after 1991, with full amenity packages.
Below, UrbanTurf gathered data regarding what has happened with apartment rents around the region since December 2021.
The largest increase in Class A apartment rents was in the South Arlington submarket where rents rose about 6% between December 2021 and December 2022. However, most submarkets only saw rents rise between 2%-3%, a notable change from the second quarter of 2022 when neighborhoods were showing double-digit jumps.
"Effective rent recovery to March 2020 levels has begun to stall now that rent rebounds have peaked and the economy worsens," the Delta report said. "We expect rent growth to continue moderating closer to the long-term average in 2023 and beyond. Rent growth will average between 3.2% and 4.2% in 2023 – 2025."
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/the_rise_in_dc_area_apartment_rents_is_slowing/20539.
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