DC Apartment Rentals Among Costliest in US

Washington, D.C. has witnessed a decline in median rent for one and two-bedroom apartments in September compared to last year, even as the district continues to be one of the most expensive rental markets in the U.S., according to a new report released by real estate listings site Zumper.

The report reveals that an average one-bedroom rent went down yearly by 4.4 percent to $2,160 a month, while the median two-bedroom rent declined by 14.8 percent to $2,710.

The report analyses data from more than one million listings across the U.S. Collecting data on a monthly basis, the report calculated population wise median rents for top 100 metro areas. It gives an assessment of the current market status while analyzing the vacant and available apartments.

The Zumper report further shows that the average one-bedroom rent in D.C. has not changed since August. It also shows that many people can’t afford such expensive rentals.

A recent analysis from Apartment List has shown that 22.4 percent of D.C. tenant households are “severely cost-burdened” as they’ve to spend more than 50 percent of their monthly income on rent.