The D.C. region was one of the 10 most competitive markets for apartment renters this summer. Landlords received as many as 10 applications per vacant apartment, meaning many renters applied for multiple apartment leases before getting one.
But summer is peak season for the apartment rental market, and potential renters should find relief in the months ahead.
“My advice is to start your search in the first weeks of 2025. It will give them access to more options to choose from. And also, potentially take advantage of all sorts of concessions,” Veronica Grecu, a senior creative writer and researcher at RentCafe, said.
Landlords had a few reasons to make deals with renters this summer. But RentCafe said deals in the D.C. area will be more common in the next couple of months as those landlords look to lease remaining vacant units.
“The most common concessions are the first month of rent-free or security deposit concessions. Deals on amenities included in the rent price such as parking spaces, Wi-Fi services and even storage spaces,” Grecu said.
Rent is the one thing landlords in the D.C. area are unlikely to give on.
The D.C. region ranked in the top five for rental price increases in 2024, rising an average of 9.4%, according to Redfin. The median rent throughout the D.C. region is now more than $2,000 a month, and considerably more in the most desirable areas.
The D.C. apartment market remains stable as well.
According to RentCafe, 93.7% of apartment units in the D.C. metro are occupied. A vacant apartment is re-rented in an average of 39 days. And renters tend to stay put here, with a 59% lease renewal rate.
RentCafe’s report on the most competitive apartment markets in 2024 is online.
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