Apartment rents have been holding largely stable nationwide since the post-pandemic surge two years ago, but average rents in some major metropolitan areas have seen double-digit annual increases, with the D.C. metro area at the top of the list.
Redfin said the median rent in the D.C. area in September was $2,100 a month, up 12% from a year ago. The $2,100 per month figure is the median price, with rents considerably higher in many areas.
According to RentCafe, the average apartment rent among all apartment sizes in July in the D.C. area, based on live listings, was $2,443. Its report said 67% of apartments in the D.C. area rent for more than $2,000 a month. Redfin’s median rents are based on a three-month rolling period for rents listed on Rent.com and Redfin.com.
Nationwide, Redfin’s report said the median rent was up just 0.6% from a year earlier in September to $1,634, with East Coast metro areas bucking that trend.
“Rents remain stable nationally but could look very different depending on where you live in the country,” Redfin Senior Economist Sheharyar Bokhari said. “On the East Coast and Midwest, there hasn’t been as much building activity, so asking rents are rising.”
Baltimore ranks No. 4 for annual rent increases, according to Redfin’s September report, up 10.6%. Baltimore is still an average of $500 a month less expensive than rents in the D.C. area, with a median monthly rental of $1,620 in September.
Virginia Beach, Virginia, ranked No. 2 in September, with an annual median rent increase of 11.3% to $1,625 a month.
In the Midwest, rent gains are led by Cleveland and Chicago, up 11.1% and 9.1%, respectively.
Rents are falling in some metro areas, especially in Sun Belt states. The median rent in Jacksonville, Florida, in September was 11.3% less than a year ago.
Redfin’s full monthly rental tracker report is online.
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