What You Need To Know About D.C. Rent Prices
Here’s what you need to know about rising D.C. rental prices.
Rent prices are rising quickly in Washington D.C., but why? When the pandemic first hit, around 10% of D.C.’s population left, and rent prices fell as a result. However, now they're rising rapidly. What changed, and what does this mean for you?
One of the biggest factors driving our rental market is increased demand. People are moving back to our area, home prices have skyrocketed, and interest rates are higher. On top of that, each year, more people typically move into the district than leave. Now that things are returning to normal, this trend is continuing.
"Check to see if your apartment is under rent control."
Another factor driving up rental rates is an increase in luxury apartments. If you’ve walked around downtown or the surrounding areas, you’ve probably noticed all the shiny new apartments. These places are great, but they’re too expensive for the average renter. This has funneled more demand toward more affordable apartments, which can then increase their prices.
Finally, Washington D.C. doesn’t have a lot of land area to expand. This makes it difficult to build new apartments and further drives up the prices of the current rental inventory. Some apartments in D.C. are under rent control, but many are not. I recommend checking out your situation before deciding on moving.
Of course, a great way to beat rising rent prices is to purchase a house or condo. If you are interested in buying or just have some questions, please call or email me. I am always willing to help.