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Single-Family Rents In DC Area 30% Higher Than Apartments

  • January 27th

by UrbanTurf Staff

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A new report highlights the growing chasm between apartment and single-family rents, a dynamic that is very much in play in the DC region. 

In its latest rental market report, Zillow finds that rents for single-family homes in the U.S. are nearly 20% higher than apartment rents. While apartment rents have risen 26% since the pandemic, single home rents are up over 40%. 

"Right now, more multifamily units are hitting the market than at any time in the past 50 years, but detached homes aren't seeing the same surge in construction," Skylar Olsen, Zillow chief economist, said in a release. "We've also got the large millennial generation wanting to move into a larger space. High and unpredictable mortgage rates and hefty down payments are pushing some to rent that lifestyle instead of buying it."

In the DC area, the difference in rents between apartments ($2,262) and single-family homes ($2,987) is about $725 a month, making for a 40% spread between the monthly rents for these two property types. About 6 in 10 rentals in the region are currently offering a concession. 

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/single-family_rents_in_dc_area_30_higher_than_apartments/23117.

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