Trulia: Rent Increases Accelerating in DC

• August 7th 2012

by Shilpi Paul

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Data released today reveals that rent increases in the DC area continue to accelerate. In July, asking rents were up 3.9 percent year-over-year, following a 3.5 percent increase in June, according to Trulia’s latest Price and Rent Monitors, which were released this morning.

While that may seem like a notable increase, it paled in comparison to rents in other major market. Rents increased country-wide by 5.3 percent year-over-year, with six metropolitan areas —Seattle, San Francisco, Raleigh, Oakland, Miami and Lakeland-Winter Haven, FL — seeing increases over 10 percent.

“Rents increased year over year in 24 of the 25 largest rental markets, and rose faster than home prices in 21 of those 25,” Trulia Chief Economist Jed Kolko said. “In six major markets, rents increased by more than 10% year over year, with San Francisco clocking the largest increase at 12.4%. To put this into perspective, only two large rental markets had year-over-year rent increases of 10% or more three months ago.”

For more stats and analysis, click here.

A full explanation of Trulia’s methodology can be found here, but in short, the Price and Rent Monitors compare current asking prices and asking rents year-over-year and quarter-over-quarter, adjusting for seasonal swings.

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This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/trulia_rent_increases_accelerating_in_dc/5874.