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Washingtonians Spent Over $13 Billion on Rent in 2014

It doesn't look renters will experience a break any time soon as prices continue to grow every year. While the region's average rent was $1,428/month for the year, the total rent paid by Washingtonians for 2014 adds up to $13.4 billion. From last year, Washingtonians spent $13.1 billion, making a 2.1 percent growth. While 2.1 percent may not seem like too much, it ended up causing renters to pay $300 million more than in 2013. Despite an already pricey year, Zillow's Chief Economist Stan Humphries predicts that 2015 will have rents skyrocketing faster than home values.
· U.S. Renters Paid $441 Billion in Rent in 2014, Up Nearly $21 Billion Since 2013 [Zillow]
· Washington's Average Rent Increased to $1,428 Per Month in 2014 [Washingtonian]