In spite of the economy and recession, D.C. rental rates are the highest they’ve been in years. A recent Bloomsburg Businessweek report ranked D.C. as 9th in the country in rent hikes. Reasons given for the price increases include the fact that the economy has remained relatively stable in the District, even with some job growth in places. Additionally, there has been a huge influx of younger people who don’t qualify for owning homes, or want to live in an urban area.
Experts advise people currently looking to rent not to look at places bigger than they need. Also, be aware that amenities in complexes such as swimming pools and gyms will cost more, and buyers should be flexible. Buyers should be mindful that location will factor into the cost of rent.