February marked the 19th consecutive month of rent declines across the US, but Washington, DC, saw a notable 3.3% increase in apartment prices. Median rents for studios and two-bedroom apartments reached $2,283, diverging from trends in the 50 largest US cities. Interestingly, median home prices fell in DC during the same period, suggesting a possible surge in rental prices due to slowed new construction and workforce changes. Despite perceived challenges from the new Department of Government Efficiency’s cuts, rental data indicates a resilient market in the capital.
February rental data contradicts the narrative about lower housing costs in cities with lots of federal workers, suggesting that it may be more rumor than reality.
Median rents in Washington, DC, rose 3.3% last month from the year before to $2,283, contrasting with the largest US cities where rents slid 19 months in a row.
The drop in median home prices in Washington, DC, came as homeowners listed their homes, increasing inventory by up to 56.2% from last year.
One possible explanation for the rent increase in DC is that return-to-office mandates are counteracting the emigration after federal workforce cuts.
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