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How Much Have DC-Area Rents Risen This Year?

  • October 18th 2022

by UrbanTurf Staff

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A rendering of a new apartment building in NoMa.

The breakneck speed at which DC-area rents have been rising over the last couple years is slowing down. 

Delta Associates released their third quarter Class A apartment report for the DC region this week, which reveals that rents for these apartments are still rising, just not as fast as they have been. 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 October 2021. 

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Click to enlarge.

The area around Crystal City, Virginia saw rents rise 10% for Class A units compared to a year ago; a number of other jurisdictions in the region saw single-digit percentage increases, a notable change from the second quarter of this year when neighborhoods were showing double-digit jumps. 

"Although Class A rent growth slowed down a bit, it still well surpassed the long-term average as of September 2022," the Delta report said. "We expect rent growth to continue moderating closer to the long-term average near the tail end of 2022 and beyond. Rent growth will average between 3.2% and 4.2% in 2023 – 2025, after an increase of about 6.0% in 2022."

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

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/how_much_have_dc-area_apartments_risen_this_year/20209.

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