Where DMV rent prices are rising the most, per Post study
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The DMV's expensive rental prices continue to creep upwards, especially in Northern Virginia, according to a Washington Post analysis of CoStar Group rent data.
Why it matters: As the area's median home price sits at a record high of $640,000, many would-be buyers are forced to keep renting.
- This comes as another Washington Post study recently found that the DMV isn't building enough homes to keep up with its growth.
State of play: Average rents around the DMV all clock in higher than the national $1,712 average, per the report.
- And many local cities and counties have seen their average rents increase more over the last five years compared to the country at large, which saw about a 19% average jump.
By the numbers: Northern Virginia has seen the DMV's biggest increases in rent prices over the last five years: Nearly 34% in Prince William County, 28% in Loudoun County, and 27% in Alexandria City.
- And Prince William County saw the DMV's largest price jump between this year and last year — 8%.
Rent in Arlington County is clocking in at the DMV's highest average price: $2,562, a 4% increase since last year and a 16.5% jump since 2019.
The intrigue: D.C.'s average rent (currently $2,246) has increased by 1.6% since last year. and almost 11% since 2019 — the lowest one- and five-year increases in the area.
What they're saying: These NoVa rent spikes come amid fierce competition in the market.
- Alexandria real estate agent Debra McElroy told the Washington Post she recently had out-of-town clients agree to rent a townhouse without even seeing it IRL, ultimately offering to pay $150 a month over the asking rent to beat out the competition.
"If it's really, really nice, it's just not going to last," McElroy said to the Post.