‘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 during the pandemic.

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