Apartment rents have been holding largely stable nationwide since the post-pandemic surge two years ago, but average rents in some major metropolitan areas have seen double-digit annual increases, with the D.C. metro area at the top of the list.
Redfin said the median rent in the D.C. area in September was $2,100 a month, up 12% from a year ago. The $2,100 per month figure is the median price, with rents considerably higher in many areas.
, the average apartment rent among all apartment sizes in July in the D.C. area, based on live listings, was $2,443. Its report said 67% of apartments in the D.C. area rent for more than $2,000 a month. Redfin鈥檚 median rents are based on a three-month rolling period for rents listed on and .
Nationwide, Redfin鈥檚 report said the median rent was up just 0.6% from a year earlier in September to $1,634, with East Coast metro areas bucking that trend.
鈥淩ents remain stable nationally but could look very different depending on where you live in the country,鈥� Redfin Senior Economist Sheharyar Bokhari said. 鈥淥n the East Coast and Midwest, there hasn鈥檛 been as much building activity, so asking rents are rising.鈥�
Baltimore ranks No. 4 for annual rent increases, according to Redfin鈥檚 September report, up 10.6%. Baltimore is still an average of $500 a month less expensive than rents in the D.C. area, with a median monthly rental of $1,620 in September.
Virginia Beach, Virginia, ranked No. 2 in September, with an annual median rent increase of 11.3% to $1,625 a month.
In the Midwest, rent gains are led by Cleveland and Chicago, up 11.1% and 9.1%, respectively.
Rents are falling in some metro areas, especially in Sun Belt states. The median rent in Jacksonville, Florida, in September was 11.3% less than a year ago.
Redfin鈥檚 full is online.
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