The pandemic had an impact on rent prices in major cities and neighborhoods across the U.S. To quantify the impact, we’re focusing attention on some of the major cities and neighborhoods in the U.S. We will be presenting our findings in a series of year-over-year neighborhood snapshots.
The subject of today’s snapshot is for the neighborhood, Downtown Washington D.C. Based on our analysis, Washington DC’s year-over-year average rents decreased across all bedroom types.
Our standard neighborhood analysis uses a 12-month “LookBack” to establish an average baseline rent. The results from the 12-month LookBack analysis are presented in the tables below for Washington DC 1-2 bedroom rents from August 1, 2020 – August 1, 2021:
As the table shows, 1BR units decreased by 3% from last year or $66 less, and 2BR units decreased by 9% or $300 less. As demonstrated by the table, year-over-year performance for the selected bedroom types decreased.
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This article was written by the Rentometer Content Team. The Rentometer Blog features fresh takes and insights on rental housing topics, services, and technology.