Posted Oct 31, 2014

Washington, D.C.: A Look at the Q3 Quarterly Report

Quarterly Report - Washington DC

See the latest Lovely data here.

The Nation’s Capitol may have experienced rising rents throughout 2014, but Washington, D.C. renters are in a better position to rent compared to this time last year. In fact, Washington D.C.’s median rent in Q3 2014 was more than three percent less than last year’s. To make matters even more fascinating, Washington, D.C. is the only rental market featured in our quarterly report that saw a year-over-year decline in median rent! Want the low down on the Washington, D.C. rental market? Check out more insights from our Q3 report below!

Diving into the Digits

While D.C. renters experienced the highest rent in all of 2014 during Q3 2014, it’s still over three percent less than the median rent compared to the same time last year. Washington, D.C. rents had actually been declining since the almost three year high in Q3 2013, when the median rent clocked in at $2,275! Since then, rent prices citywide were on a downward spiral — until last quarter that is. After three consecutive quarters of a decreasing citywide median, D.C. median rent is on the rise once again, and is almost 5% higher than Q2 2014.

Fun fact: Washington, D.C. renters saved big time in Q3 when they opted in to renting with roommates. D.C. renters who lived with one roommate in a two bedroom apartment saved, on average, 29%.

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A Look into the ‘Hoods

Once again in Q3 2014, neighborhoods that are home to popular Washington, D.C. universities — Georgetown, American University and The George Washington University — had some of the highest rent prices across the city. Georgetown, which was actually the highest rent neighborhood last quarter, led the pack at $2,900. AU Park – Friendship Heights – Tenley, home to American University, and Foggy Bottom, home to the George Washington University, weren’t very far behind at $2,495 and $2,400, respectively.

Unlike Chicago, where there was a greater difference in the number of neighborhoods above and below the citywide median, there’s almost an even split in Washington, D.C. Of the 33 neighborhoods we looked at for our quarterly report, 17 of them were above the citywide median, while 16 were below. Check out the full list of neighborhoods and how they compare to the citywide median across all bed counts in the chart below.

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Do you rent in Washington, D.C.? We’d love to hear from you! What’s your favorite part about living in D.C.? Let us know in the comments below or on Facebook and Twitter.

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Rental Market Report - Washington DC

 

Photo Credit: Brian Talbot


Elizabeth Pullman

About

Elizabeth oversees Marketing at Lovely. It is her goal to make sure every single person nationwide knows about Lovely and Lovely Pro!

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