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How Much Did DC-Area Rents Rise At The Beginning of 2024?

  • April 22nd 2024

by UrbanTurf Staff

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REVA.jpg
Inside REVA, a new apartment building in National Landing.

Renter demand has continued to push Class A apartment rents in the DC region up this year, according to a new report.  

Delta Associates released their first quarter Class A apartment report for the DC region last week, which showed that rents for these apartments rose across the area since the beginning of last year. Class A apartments are typically large buildings built after 1991, with full amenity packages.

Below, UrbanTurf gathered data regarding what has happened with apartment rents around the region since the first quarter of 2023. 

class-a-rents.jpg
Class A rents. Click to enlarge.

Northern Virginia led the way in the region, with rents rising 7%, year-over-year. Suburban Maryland followed with rent increases of 3.5%, and then 1% in DC. 

"Annual rent growth is trending above the long-term average in the first quarter of 2024, as the development pipeline has moderated and demand remains strong," the report stated. "We expect competitive market conditions to accelerate as deliveries are expected to rise significantly through the metro area in the rest of 2024 and 2025."

Photo courtesy of JBG Smith. 

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/how_much_did_dc-area_rents_rise_at_the_beginning_of_2024/22217.

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