D.C.-area apartment rents have fluctuated since the pandemic’s start, plunging in 2020 and then slowly recovering. While the long-term rent growth is well behind the growth seen nationally, in the last year, rents in D.C. region have accelerated.
The average rent in the D.C. region in July is just 5% higher than it was before the pandemic. Nationally, the 4-year change is 21%, according to Apartment List. Compared to a year ago, average D.C. metropolitan area rents are up 3.5%, while the national average is down 1%.
Rents in the D.C. metro are growing the fastest in the further-out suburbs, where rents are traditionally more affordable. But the gap is closing.
“Leesburg has the fastest growth in the metro, up 9% year over year. In Manassas, it’s up 8%, and in Fairfax County rent is up about 7% year-over-year. So some of the suburban parts of the D.C. metro are actually seeing quite rapid rent growth right now,” said Chris Salviati, a senior housing economist at Apartment List.
Click here to read the rest of the article written by Jeff Clabaugh over at WTOP
