We’re officially past the half-way mark of 2019, and the summer rental market is heating up in all the wrong ways. A recent report found that like DC temperatures, rents are rising fast. Here’s what you need to know about the current rental market as it stands in July, 2019:
National Trends
Rents are increasing nationwide with no sign of slowing. The national averages are worth noting, as they speak to a large-scale issue across all states and metros.
- Nationwide, rent prices are up an average of 1.6% over the past year.
- This increase is just slightly behind inflation rate growth of 1.8% in that same time period.
- Nation-wide, the median monthly rent for a 1-bedroom apartment is $959.
- The national median monthly rent for a 2-bedroom is $1190.
While these averages are noteworthy, they’re also not reflective of the vast differences across various types of markets. Coastal urban centers are generally seeing higher rate increases, and the DC metro area is no exception.
DC Metro
Like many urban centers, the DC area’s rent increase is even higher than the national average.Â
- The DC Metro area overall has seen a higher rate of increase, at 2.3%, compared to the 1.6% national average.
- The current median monthly rent for a 1-bedroom in the DC metro is $1360, compared to the national median of $959.
- The median monthly rent for a 2-bedroom in the DC metro is also higher, at $1570, compared to $1190 nationally.
These rates also vary pretty widely when you drill down into specific neighborhoods within the larger DC Metro.Â
Arlington
Arlington in particular is an even more expensive story than the District overall:
- Rents in Arlington have increased at an even higher rate, up 2.9% over the past year!
- The median monthly rent for a 1-bedroom in Arlington is a whopping $1850 (vs. DC overall at $1360)
- The median monthly rent for a 2-bedroom is even higher, at $2130 (compared to DC’s $1570)
So with rents on the rise, the question we always pose to renters remains critical: how can you afford to keep renting instead of buying? As a renter, you’re at the mercy of rising rates and your monthly payments do nothing to grow your own capital over time. When you buy, your monthly payments are contributing to your property and growing your wealth, not someone else’s.
Whether you’re relocating to the area or a long-time renter, buying in the DC Metro area just makes sense. Give us a call today to chat about your options – we’ll show you how to escape the rental cycle and beat the heat of rising rates!