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What is Happening With Apartment Rents in the DC Area?

  • January 18th 2024

by UrbanTurf Staff

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2101-richmond-3.jpg
A rendering of a new development planned in Crystal City. 

Delta Associates released their fourth quarter Class A apartment report for the DC region this week, which shows that rents for these apartments rose about 3% at the end of the year. Class A apartments are usually large buildings built after 1991, with full amenity packages.

The 3% figure only tells us so much about apartment rents, however. So below, UrbanTurf gathered data regarding what has happened with rents around the region since December 2022. 

rents.jpg
Click to enlarge.

The largest increase in Class A apartment rents was in Crystal City where rents rose about 11% between December 2022 and December 2023. While Alexandria saw rents rise 6%, most increases in the area were much more modest, in the 1%-3% range.

"We expect rent growth to be mostly below the long-term average over the next three years, however, we expect stronger growth in 2025," the Delta report said. "We project rent growth of 2% in 2024, followed by a 4% increase in 2025 and 3.7% in 2026."

Note: The rents are an average of studios, one and two-bedroom rental rates at Class A high-rise buildings. 

See other articles related to: class a apartments, class a rents

This article originally published at https://dc.urbanturf.com/articles/blog/what-is-happening-with-apartment-rents-in-the-dc-area/21868.

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