D.C. is among the largest rental mega-markets in the U.S. where monthly rents are holding steady, according to RENTCafe.com. The nationwide apartment search website compiled data in over 120 markets across the country based on actual rents charged in market-rated apartment communities of 50 units and larger.
The overall trendline saw national average rent increase by 2 percent year over year. But RENTCafe found that Washington, D.C. is among the few renter mega-hubs where apartment prices flatlined over the year. D.C. rents are $4 more expensive compared to the start of the rental season in 2017. Meanwhile in LA, where rents have skyrocketed, renters have to shell out $90 more on rent on a monthly basis.
D.C. ranked fourth in RENTCafe’s list of Top 5 Slowest Growing Rents in Large Cities, with a 0.2% year-over-year increase (see the chart below). The site also finds that in May, the Washington area recorded its weakest annual rent growth since 2011. The average rent in Washington, DC is currently $2,070 per month.