Rent Up 22% In Washington DC Area - Is It Time to Buy?
According to Census numbers released in an article by The Washington Post, the cost of renting is up nearly 22% over the last ten years in the Washington DC area.
Nearly 10,000 single family homes that were occupied by their owners just two years ago are now considered rental properties. The pickings for rental properties are becoming more and more slim, as the average price for rentals continues to sneak upward.
The average rent jumped nearly 8.2 percent in the last year to $1,643. The area's median rent shot up to $1,190, which is third in the nation behind San Francisco and San Jose, Calif.
The vacancy rates in the DC area are the second lowest in the nation, only behind New York City.
So, the rental market is getting more expensive and more competitive.
Is it time to buy?
If you think so too, give me a call.
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