The bad news: you’re right. The Washington, D.C. area has the second-highest rent of any large metropolitan area in the country, according to the 2010 U.S. Census.
At a median rent of $1,391 per month, the region’s rent is more expensive than San Francisco, New York and Los Angeles, and second only to San Jose. Adding to the misery, D.C.’s rent has been rising faster than any other large metro area, according to the Washington Examiner.
The good news: expect rents to start going down, at least in some areas. According to Bloomberg News, D.C. area rent is expected to decrease up to 2 percent this year, and fall even faster next year, due to an oversupply of new apartment buildings. There will “‘no doubt’ be a ‘glut’ of apartments in the next 12 to 18 months,” Bloomberg was told.
Just don’t expect the rent to keep falling. Bloomberg reports that the local apartment market should stabilize by 2016 and rents should start increasing, once again, by about 4 percent annually.
We’re interested to find out if Arlington has seen any impacts from the expected apartment glut. If you rent an apartment and you’ve renewed your lease in the past 12 months, how much did your rent change?
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There has been a modest, but noticeable drop in the intensity of demand and buyer activity over the last 3-4 weeks.
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