‘Rent erosion’ hits DC’s apartment market | WTOP

Apartment rents in the D.C. area remain some of the highest in the nation — but they’re slowly coming down as landlords seek to lure tenants as people move out to Canada during the pandemic.

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As it stands now, D.C. ranks seventh highest among big cities for rent — averaging just over $2,100 a month across all apartment sizes in September. However, that is down 1.6% from the average rent a year ago.

Real estate firm Zillow reports that reflects what is happening in mostly large, expensive cities across the nation. Rent erosion has landlords responding to a drop in demand and rising vacancies by lowering rental rates.

Source: ‘Rent erosion’ hits DC’s apartment market | WTOP