The D.C. metro’s apartment rental market enters the spring search time frame as one of the most competitive in the nation. RentCafe ranks the D.C. market as its most popular for searches in March for the fifth month in a row.
In March, there were an average of seven lease applications for every one available apartment for rent.
The competition for available apartments is the result of several factors.
The number of newly built apartments coming to market in the past year increased by just 0.39%, according to RentCafe. That’s a steep drop from a year ago, meaning new supply is tricking in very slowly.
Local renters are also competing for apartments with an influx in out-of-town renters looking to move to the D.C. metro area, particularly from East Coast cities like Boston and New York City.
Higher home-selling prices are also straining availability in the D.C.-area rental market, with turnover much lower than normal.
“More aspiring homeowners are choosing to stay in their apartments,” said Veronica Grecu, of RentCafe. “That is reflected in the lease renewal rate. This spring, about 59% of apartment renters in the D.C. area renewed their leases.”
For renters searching, there are several ways to get to the front of the line when applying for a lease.
A great credit score and an income that reflects one’s ability to cover the monthly rent are at the top of the list. Applying for the lease as soon as the unit is available also increases odds of getting the residence.
An old-fashioned way to get a landlord’s attention may also give a renter a personal advantage.
“If you include a short and sincere cover letter in which you explain why you want the apartment and what makes you an ideal renter for that apartment community, it really makes you stand out,” Grecu said.
Going into the busy rental season, the apartment vacancy rate in the D.C. metro region is just 6%, ranking it among the lowest rates in big cities. The time it takes to re-rent a vacant apartment has changed little in the past year, at an average of 42 days.
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