Earlier this week, Apartment List released its city rent report for Washington DC. The result? DC rents are higher than those of last year, by 1.6 percent.
DC rents growing more slowly than nation overall
While national rents grew by 2.7 percent over the past year, DC rents are at a 1.6 percent increase over the past year. A 2-bedroom apartment in DC rents for a median price of $2,990.
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One-bedroom rentals are costing a median rent of $2,180. DC rents increased by 0.2 percent over the past month.
Foggy Bottom – GWU – West End continues to be most expensive
With 2-bedrooms at a median rent price of $4,300 and 1-beds at $2,610, Foggy Bottom – GWU – West End continues to be the most expensive neighborhood in DC for renters.
However, these prices are the same as those of last year in this area, with no rent growth over the past year. Contrast this with the second most expensive neighborhood in DC, Downtown – Penn Quarter – Chinatown, with 2-bedroom units at $4,000, 1-bedroom apartments at $2,800, and a 3.1 percent growth percentage for rents over the past year.
Logan Circle – Shaw experiences largest rent growth
Logan Circle – Shaw displayed the largest rent growth over the past year, with rent prices at 7.1 percent higher than last year (median rents: $3,450 for a 2-bedroom, $2,560 for a 1-bedroom apartment). Mount Vernon Square and H Street – NoMa experienced similar rent growth rates to each other, with rents at 4.6 percent and 4.1 percent higher than last year, respectively.
For methodology and data for other neighborhoods and cities in Washington DC, see Apartment List’s City Report.
Yuki Graviet Knapp is a Content Marketing Associate with the Growth Team at Apartment List and is a resident of the Bay Area.