DC metro area sees highest increase in median rent across the US: study
A sign advertising apartments for rent is displayed in front of an apartment complex in San Francisco, California. (Credit: Justin Sullivan/Getty Images)
WASHINGTON - Rent in the D.C. metro area is rising rapidly compared to several other metros across the nation.
According to a new report from Redfin, median rent in D.C. rose 12% year-over-year. In that same time, the typical U.S. asking rent ticked up just 0.6% year over year.
That puts the median rental asking price in the U.S. at $1,634 but in D.C., that number is $2,088.
Virginia Beach and Baltimore also saw double-digit increases in asking rents, rising 11.3% and 10.6% respectively.
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The study analyzed the 50 most-populous metros in the U.S. and median asking rent figures are for newly listed units in apartment buildings with five or more units.
"Rents remain stable nationally, but could look very different depending on where you live in the country," said Redfin Senior Economist Sheharyar Bokhari. "On the East Coast and in the Midwest, there hasn’t been as much building activity, so asking rents are rising. Meanwhile, if you’re in a Sun Belt city where construction boomed following the pandemic, rents are now falling pretty fast."
Several Sunbelt metro areas saw the biggest declines in rent asking price. In Jacksonville, Fla., the median asking rent fell 11.3% to $1,485 and in Raleigh, N.C. it fell by 10.6%, putting the median price at $1,457.
The highest median rental asking price is in San Jose, Calif., where it’s a staggering $3,269. New York City is the second-highest at $2,892. The lowest median asking rents are $1,219 in New Orleans, La. and $1,246 in St. Louis, Mo.