Rentals

Washington, DC renters are in one of the least affordable markets

Significant rent growth not expected this year, putting some ice on the bruise
  • Twenty-three percent of D.C. renters are "severely rent burdened."

  • Rental rates are expected to rise by 1.8 percent to 2.8 percent this year in the metro.

  • The metro appears to be an ok market for millennial renters.

Of the 11 largest metros in the nation, Washington, D.C. was recently cited as being the least affordable for the typical renter household.According to a report from New York University’s Furman Center for Real Estate and Urban Policy, 23 percent of DC metro renters were "severely rent burdened" in 2014. The primary reason why: The metro's median gross rent during the year reached $1,530 - also cited as the highest among the top 11 metros.When looking at only recently available units during 2014 that figure jumps up to $1,620.As of 2014, 34 percent of DC metro households were renters. Of those households, 29 percent lease single-family homes. Within the metro's "central city" region an estimated 57 percent of residents are renters.In a different report that eyes more recent data, RealtyTrac also pointed to several counties within the metro as overall being some of the least affordable markets for renters nationally.Last month, roughly half of all metro renters...

Comments