Apartment landlords felt a sharp impact from the coronavirus pandemic last quarter, with D.C.-area rents experiencing their greatest decrease since the turn of the millennium.
Class-A rents in the D.C Metro area averaged $2,096 in the second quarter, a 3.2% year-over-year decrease, according to a report released Wednesday by Delta Associates.
The previous quarters with the highest rent drops this century were in Q3 2009 and Q4 2013, which each experienced roughly 3% declines, Delta Associates President Will Rich said.
The drop in rents was caused by a significant decline in apartment demand, especially in the District, where absorption was down 25%, according to the report. The apartment vacancy rate in the District was 6.8% at the end of Q2, up from 4.1% the same time last year.
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