DC Apartment Rents On The Rise

Reports from research firm Reis, Inc. revealed the rise in apartment rents during first quarter. DC had the second highest rent increase over the past 12 months, second to Colorado Springs.

An article from the Wall Street Journal noted that the apartment vacancy rate at the national level stayed flat at 8%, the highest since the firm started its tally in 1980.

More from the Journal:

“We clearly hit an inflection point in all of our markets in January and February,” said Jeffrey Friedman, chief executive of Associated Estates Realty Corp., which owns and operates 12,000 units in the eastern U.S.
Renters are also staying put longer: the average renter now stays for 19 months, up from an average of 14 months, said Mr. Friedman, and despite low mortgage rates and greater home affordability, fewer renters are leaving to buy homes.

“This is the first time in many, many years that it feels like even people who could afford to buy are making the investment decision not to,” Mr. Friedman said.