There's no need to adjust that computer screen, this chart from rental site Lovely shows that D.C.'s rental rates are a) going down and b) actually lower than they were at this time last year. To be fair, there was such a spike in the average cost of rent at this time in 2013, which had jumped all the way up to $2250/month before falling at the end of the year. This change is consistent across multiple types of rentals: the average monthly costs of studios, one bedrooms and two bedrooms have all dropped.
That's the good news and the better news is that the average rental rate in more D.C. neighborhoods have median rents below the new citywide median rental rate of $2100/month. Yes, Glover Archibold Park (not to be confused with Glover Park) and Georgetown are still pricey places to rent and NoMa is not the relatively inexpensive rental oasis that it used to be, but believe it or not neighborhoods like Mount Pleasant, Chevy Chase and Foxhall have pretty affordable rental rates. To be fair, how many people are actually renting and not buying in Foxhall? Stay tuned to this space: we'll have a more complete neighborhood breakdown and a look at what you can rent at this new average rental rate.
· Lovely Releases Q2 2014 Lovely Rental Market Report [MarketWired]
· Pricey D.C. Somehow has Better Rental Market than Baltimore [CDC]
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