Average rents in Washington, DC, dropped 0.9% in Nov, according to Apartment List’s newest data.
“This is the second straight month that the city has seen rent decreases after an increase in September,” Apartment List said.
On the year, DC’s month-over-month rent price increase currently ranks 78 out of the country’s 100 largest metropolitan areas.
Median rents in DC are up 11.3% so far in 2021. This time last year, DC rents were down 12.1%. And DC rents are down 2% since the beginning of the COVID-19 pandemic in March 2020.
Where rents are highest in the DC area
Despite median rents dropping 1.1% last month, Arlington continues to have the highest rents in the DC metro area.
A two-bedroom apartment in Arlington averaged $2,440 per month in Nov. Rockville is the second-most-expensive, with two-bedroom apartments in the Maryland suburb averaging $2,240 per month.
The District of Columbia boasts the lowest rent prices in the area.
According to Apartment List, the median rent for a one-bedroom apartment in DC was $1,794 in Nov. A two-bedroom DC apartment went for $1,814.
Still, that price is well above the national average of $1,285 for a two-bedroom apartment.
“Compared to most other large cities across the country, DC is less affordable for renters,” Apartment List said.
Rent price growth slows nationwide.
Rent growth across the country is finally slowing down after jumping by 17.8% so far this year.
Apartment List’s national rent index increased by 0.1% in Nov., the lowest month-over-month growth rate in 2021. Nationwide rents grew by 0.8% in Oct.
Apartment List said both seasonality and a rising vacancy rate are helping to cool what has been a red-hot rental market.
“A slowdown in rent growth during the fall and winter is typical due to seasonality in this market,” Apartment List said.
The company added that the nation’s vacancy rate ticked up to 4.2%, the third consecutive month of growth.
While Apartment List sees signs the nation’s rent price growth may continue slowing down, this year’s massive price jumps mean tough times for many renters.
“Even if rent growth is finally cooling, this year’s rent boom has already burdened many American renters with significant new housing affordability woes,” Apartment List said.
Has your rent gone up this year? Let me know in the comments. And if you found this article interesting, please share it on social media.