1032 ET - The median rent in Washington, D.C., rose 2.7% year-over-year, to $2,325 in February, Redfin says, after three months of declines. Despite falling nine of the past 12 months, D.C. rents contrast with sharp increases in the broader metro area. Rents peaked at $2,463 in the district in July 2023 but dropped with a surge in apartment construction, fluctuating between $2,265 and $2,350. February's uptick coincides with federal job cut fears, though Redfin says it's too soon to gauge impacts. Federal workers face return-to-office mandates, potentially affecting rents if layoffs drive relocations. Apartment permits fell from 11 per 1,000 people in 2022 to 2 in 2024, signaling less future supply. Nearby, Arlington, VA., rents jumped 12.1% to $2,591, while Silver Spring, MD., fell 7.3%. (chris.wack@wsj.com)
(END) Dow Jones Newswires
March 05, 2025 10:32 ET (15:32 GMT)
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