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DC Apartment Rents Increase Slightly

  • April 6th 2010

by Mark Wellborn

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Apartment rents in DC rose two percent overall during the past 12 months, according to a recent report from research firm Reis, Inc.

A two percent increase may not seem like that much, but nationally, DC had the second highest rent increase over the past 12 months, second only to Colorado Springs. Still, most renters in the city are likely only taking into account their annual rate, and the two percent increase means little.

What is more interesting is how long renters are staying in their apartments. An article from The Wall Street Journal noted that in addition to the rate increase, renters are also remaining in one apartment for longer periods of time than in the past.

From The Journal:

The average renter now stays for 19 months, up from an average of 14 months, said [Jeffrey Friedman, chief executive of Associated Estates Realty Corp.], and despite low mortgage rates and greater home affordability, fewer renters are leaving to buy homes.

“This is the first time in many, many years that it feels like even people who could afford to buy are making the investment decision not to,” Mr. Friedman said.

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This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/dc_apartment_rents_increase_slightly/1949.

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