The average studio rental cost has increased by 23% in one year. Rent has increased by 15% for one and two bedroom apartments.
Rent is not known to be cheap in the district, and according to a recent report by Rent.com, rents have skyrocketed across the city over the past year.
Source data includes Rent.com listings, as well as those from Apartment Guide and Redfin. It is broken down by number of rooms and neighborhoods in the city. The report also looks at other cities in the DC area.
The average cost of renting a studio has increased by 23% since the same period last year. The average studio price hovers around $1,924, according to the report.
Monthly price increases for one- and two-bedroom apartments fall in the middle, with both increasing by 15%. One bedroom costs nearly $2,400 per month, while a two-bedroom apartment costs around $3,200 per month in DC Three-bedroom apartments in the city cost an average of $3,075.
Rent for three-bedroom apartments is showing the smallest increase — a 10% spike since last year — unless you’re aiming for Capitol Hill. In this neighborhood, the average cost of a three-bedroom apartment jumped 108% to $5,603, according to Rent.com.
Rent has increased significantly in 2022 compared to 2021 in parts of DC and nearby communities. In Georgetown, the average monthly cost of a two-bedroom apartment skyrocketed 125% to $4,500. At Dupont Circle, the one-bedroom average jumped 84% to $3,247.
Although rental costs are up overall across the city, the report doesn’t show much price movement in other neighborhoods over the past year.
In Stanton Park, Adams Morgan, Petworth, Anacostia and Fort Dupont, prices are static for studios.
Studio rents are also lower in some neighborhoods. Columbia Heights and Navy Yard are both down 5% and 6% respectively. But that doesn’t mean they’re cheap. The average price for a studio apartment in Columbia Heights is $1,707. It’s $1,670 at Navy Yard.
DC isn’t alone in having exorbitant rents. Other neighborhoods experience their own peaks. However, the average cost of a studio in Columbia, Annapolis, Frederick and Germantown in Maryland; and in Sterling, Manassas, Fairfax and Arlington in Virginia is more than a studio on Capitol Hill.
For example, in Annapolis, bachelor apartments are on average 47% more expensive, at $2,294, while Gaithersburg’s average monthly cost for a two-bedroom apartment rose 38% to $2,439.
Prices for a one-bedroom apartment on Capitol Hill rival those in Bethesda, Maryland, and Arlington, Virginia.
Average rents for two- and three-bedroom apartments are higher on Capitol Hill. Average rent prices for these types of apartments are cheaper outside of the city, although most rents outside of DC also appear to be rising.
However, there were a few outliers: the average bedroom price fell or stayed nearly the same year-over-year in Columbia, Maryland, and Ashburn and Sterling, Virginia.
Over the past year, the costs of bachelor, one-bedroom and two-bedroom apartments have remained more stable than the average monthly cost of three-bedroom apartments.
The most affordable neighborhoods for average bedrooms in DC include Benning Ridge ($1,000), Congress Heights ($1,025), and Bellevue ($1,069). The most expensive areas are West End ($3,540), Foggy Bottom ($3,508), and Dupont Circle ($3,222).
The most popular neighborhoods are Mount Vernon Square, The Wharf, Chinatown, NoMa, and Logan Circle, where rent for a one-bedroom apartment ranges from around $2,000 to $2,600 per month.
Read the full report on Rent.com.