What is Happening With Apartment Rents in the DC Area?
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.
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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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