The DC-Area Sees Rents Rise in March

• April 9th 2024

by UrbanTurf Staff

✉️ Want to forward this article? Click here.

A new report shows that asking rents across the DC region rose in March. 

"Among the 50 largest U.S. metro areas, Pittsburgh stood out as the sole area to see a decrease in typical rents (-0.2%) from February to March," the Zillow report stated. "In contrast, areas such as Washington D.C., the New York City metro area, and San Jose each recorded significant 1% increases in typical rents on a month-to-month basis."

Specifically, the typical monthly rent in the DC region is approximately $2,300 a month, up 1% from February and 5% year-over-year. 

Landlords in the DC region are also offering less concessions -- the share of rentals offering perks like free parking or rent fell two basis points month-over-month. That drop runs counter to what is happening in most of the country. 

"In March, 33% of Zillow’s rental listings advertised a concession like free months of rent or free parking," the report found. "The 0.9 percentage point rise in concessions from February to March suggests landlords and property managers are using strategic methods to attract renters, especially in regions with lots of choices due to the recent surge in new apartment construction."

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/the_dc-area_sees_rents_rise_in_march/22173.