Home | Newsletter | Advertise

U.S. Apartment Rents Hit New High in March as DC Rents Increase 12%

  • April 20th 2022

by UrbanTurf Staff

✉️ Want to forward this article? Click here.

The median monthly apartment rent in the U.S. hit a record high in March, according to a new report out this week. 

The monthly rental report from Redfin found that the asking rent in the country increased 17% year over year to a record high of $1,940 in March, the largest annual jump in at least two years. 

“Many potential first-time homebuyers are quickly being priced out of the market by record-high home prices and fast-increasing mortgage rates,” said Redfin Chief Economist Daryl Fairweather said in the report. “They are then faced with two options: rent or move somewhere with a lower cost of living. Those who choose to rent may save money in expensive housing markets in the near term, but long term, they may have to deal with continued rent increases, year after year."

DC rents are up 12% compared to a year ago, and the average asking rent in the city is now $2,595 a month. The most significant increases in rent were seen in Portland, OR (+40%) and Austin, TX (+38%). 

For the report, Redfin used data from apartments at 20,000 buildings across the U.S. to compile rent numbers. 

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

This article originally published at https://dc.urbanturf.com/articles/blog/us-apartment-rents-hit-new-high-in-march-as-dc-rents-increase-12/19549.

Pipeline: New Condos & Apartments Coming to the DC Area

DC Real Estate Guides

Short guides to navigating the DC-area real estate market

We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!

First-Timer Primers

Intro guides for first-time home buyers

Red Flags Revealed During a Home Inspection Top 5 Tax Breaks For Homeowners Tax Relief for DC Homeowners
Condo Fee Tutorial What is a Rent Back? 10 Ways To Tell If a Home Renovation is Well Done
Obtaining a Basic Business License For Your Rental What is an Adjustable Rate Mortgage? The Splitting the Rent Formula
How Much Cash Do You Need to Buy a House? Is This Condo Building Financially Healthy? Interest Rates and Mortgage Points
The Scoop on Mortgage Insurance

Unique Spaces

Awesome and unusual real estate from across the DC Metro

The Most Intriguing Loft in DC The R Street Firehouse DC’s One-Room House
Dupont Circle’s Old Frat House To Become Alley Home Best Transition From a Garage To a Home The Roundhouse
Tilden Gardens Restaurant-Turned-Home Hits Market Next Week Logan Circle’s Most Intriguing Garage Frank Lloyd Wright Goes Green in Kensington
Sears Bungalow Gets a Modern Makeover Old Town General Store Becomes Three-Level Home Making the Most of a Skinny House
A Studio 27 Renovation on Capitol Hill Once a Carriage House, Now a Home The Bank that Became a Home
From Pie to Hooch to Heroin to Home The Live-Aboards of Gangplank Marina A Treehouse with Rock Creek Park As A Backyard
Modern Tranquility in Sperryville Saddle Up For Stable Living Throwing a Curve at 550 Square Feet
A Modern Hilltop Retreat Tilden Street Restaurant Becomes Spacious Home Focus on Design: A Vastu Unit at 22 West
The DC Area’s First Net Zero Home A Yankee Goes Green DC’s First Carbon Neutral Home
Eco-Friendly Alley House Off H Street The Gym, The Stables and The Firehouse